Cocoa Market Report for November 2022

Abidjan, 13 December 2022 – The International Cocoa Organization releases the Cocoa Market Report for November 2022. The current report highlights the following insights:

  • The 2021/22 cocoa season ended with a supply deficit of 306,000 tonnes.
  • Growing conditions for the ongoing main crop of the 2022/23 season are generally good in
    West Africa, hence boding well for the region’s cocoa production.
  • However, the demand side of the market seems uncertain given that the slowdown in the global economy and inflationary impact on raw materials, combined with exorbitant energy prices in Europe, which is the leading region for cocoa processing, are likely to take a toll on the operations of cocoa processors.
  • Total stocks of cocoa beans in the Exchange-licensed warehouses are higher year-over-year on both sides of the Atlantic.
  • The nearby cocoa futures contract traded on a positive note during November in both London and New York. In London, cocoa futures prices increased substantially by 16% from US$2,211 to US$2,559 per tonne whereas in New York they moved up by 3% from US$2,352 to US$2,433 per tonne.

You can download the complete report by clicking here.

 

November 2022 Quarterly Bulletin of Cocoa Statistics

Abidjan, 30 November 2022 – The International Cocoa Organization today releases its revised estimates for the 2020/21 and 2021/22 cocoa years of world production, grindings, and stocks of cocoa beans, summarized below. The data published in Issue No. 4 – Volume XLVIII – Cocoa Year 2021/22 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of November 2022.

For this issue, several revisions have been made to the 2021/22 cocoa balance sheet. On the supply side, the production estimate has been adjusted downwards by 67,000 tonnes to 4.823 million tonnes, almost 1% lower than the estimate of 4.890 million tonnes presented in the previous Bulletin. A lower yield resulting from less conducive weather conditions and diseases in most of the major producing countries underlined the downward revisions.

On the demand side, compared to 5.071 million tonnes in the previous Bulletin, grindings have been adjusted higher by almost 10,000 tonnes to 5.081 million tonnes based on an increased use of beans as reflected in the trade of cocoa products. Notwithstanding the challenges of the global macroeconomy, global cocoa demand held up in 2021/22– from an estimate of 4.981 million tonnes in 2020/21 to 5.081 million tonnes in 2021/22, which reflects a 2% year-on-year increase.

Summary of forecasts and revised estimates

 

Cocoa year
(Oct-Sep)		 2020/2021 2021/2022 Year-on-year change
Revised
estimates		 Previous
estimates a/		 Revised
estimates
(thousand tonnes) (Per cent)
World gross production 5 242 4 890 4 823 – 419 – 8.0%
World grindings 4 981 5 071 5 081 + 100 + 2.0%
Surplus/deficit b/ + 209 – 230 – 306
 
End-of-season stocks 1 928 1 683 1 622 – 306 – 15.9%
Stocks/Grindings ratio 38.7% 33.2% 31.9%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLVIII – No. 3 – Cocoa year 2021/2022
b/  Surplus/deficit: net world crop (gross crop adjusted for 1% loss in weight) minus grindings. Totals may differ due to rounding.

 

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2018/19 to 2020/21 and quarterly statistics for the period October-December 2020 to April-June 2022. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.

Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: https://www.icco.org/categorie-produit/qbcs/ or by email: statistics.section@icco.org

Cocoa Market Report for October 2022

Abidjan, 15 November 2022 – The International Cocoa Organization releases the Cocoa Market Report for October 2022. The current report highlights the following insights:

  • In Côte d’Ivoire, the floods are reported to have restricted the transportation of cocoa beans from the farms to the ports and could be the reason for the year-on-year cocoa arrivals seen during the first few weeks of the 2022/23 season at the country’s ports of exports.
  • In neighbouring Ghana, while no fresh data were available on the level of volumes of graded and sealed cocoa beans for the 2022/23 season, the situation is being closely monitored as the country recorded a drastic cut in production compared to last season.
  • For the 2021/22 cocoa season, cocoa processing activities increased year-on-year in Europe and Southeast Asia, whereas they dropped in North America.
  • During October 2022, cocoa futures prices were lower year-on-year on both sides of the Atlantic.

You can download the complete report by clicking here.

 

VACANCY NOTICE – ECONOMIST

Abidjan, 04 November 2022. Vacancy notice – Economist

Title: Economist

Category/ Grade: Internationally recruited staff, P1 on the UN salary scale

Duty station: Abidjan

Type of contract: Fixed Term (5 years with 6-month probationary period)

Deadline for application: 05/12/2022 (Midnight Abidjan Time)

Indicative starting date: 01/04/2023 (date when the selected candidate is expected to be available to take up her/his position in Abidjan)

Recruitment open to: nationals of ICCO Member countries (please see full list on https://www.icco.org/who-we-are/membership/)

Applications (only CV & Covering letter) to be sent to: recruitment@icco.org copy to ExecDir.Office@icco.org

 

VACANCY NOTICE FULL DESCRIPTION – ENGLISH

VACANCY NOTICE FULL DESCRIPTION – SPANISH

Cocoa Market Report for September 2022

Abidjan, 21 October 2022 – The International Cocoa Organization releases the Cocoa Market Report for September 2022. The current report highlights the following insights:

  • Down the road from the previous months of the 2021/22 season, cocoa prices further continued their decline in September 2022.
  • The producer price of cocoa beans for the main crop of the 2022/23 season in Côte d’Ivoire was announced at 900 XOF/kg, which is equivalent to US$1,364 per tonne while in Ghana, cocoa farmers are expected to receive 12,800 Ghana cedis per tonne or US$1,251 per tonne for their cocoa beans.
  • The rising costs of production factors having a higher impact on the cocoa processing and chocolate manufacturing process have by far outweighed the reduction in cocoa prices.

You can download the complete report by clicking here.

 

The International Cocoa Council adopts the Amended International Cocoa Agreement, 2010

Abidjan, Côte d’Ivoire, 30 september 2022, The International Cocoa Council, at its 106th regular session held from 27 – 29 September 2022, adopted the amended International Cocoa Agreement (ICA), 2010 and commits it to all the contracting parties to the Agreement for their acceptance of the amendments.

The amended ICA, 2010, which is a culmination of the review of the implementation of the current Agreement and the need for it to be more forward-looking and better adapted to meet current challenges facing the world cocoa economy, includes some major changes as follows:

  1. An indefinite duration of the Agreement (subject to review every five years), to bring more stability and sustainability to initiatives implemented under the Agreement.
  2. Realignment of the provisions of the Agreement with the Sustainable Development Goals (SDGs) to ensure an accelerated development of the world cocoa economy.
  3. Introduction of a key objective in the Agreement with respect to achieving a living income for cocoa farmers and a reference to remunerative prices to reach economic sustainability.
  4. Three new articles outlining specific measures to be carried out under the economic, social, and environmental pillars of sustainability.
  5. Reinvigorating attention on value addition, premium quality, and food safety.
  6. Supporting research and innovation in the cocoa value chain and expanding cooperation with more donor agencies for financing of cocoa development projects.

With the above-mentioned and other changes, the amended ICA, 2010 is now more suitable to address emerging challenges in the world cocoa economy and a veritable tool for the development of national cocoa sectors.

The contracting parties to the ICA, 2010 must now complete their internal procedures to prepare and deposit a letter of notification of their acceptance of the amended Agreement with the Secretary-General of the United Nations in his capacity as the Depository of the Agreement.

Once the required number of exporting and importing Member countries of the Organization have accepted the amendments, the amended ICA, 2010 is expected to become effective by 1 October 2024.

International Cocoa Organization (ICCO) Panel of Experts on fine flavour cocoa to meet in Madagascar in June 2023

Abidjan, Côte d’Ivoire, 30 September 2022. The International Cocoa Organization is pleased to announce that the next meeting of the ICCO Expert Panel on fine flavour cocoa will be held in Madagascar in June 2023.

Following talks held on 29 September at the Organization’s headquarters in Abidjan, Côte d’Ivoire, the 52 Member countries of the ICCO decided by consensus to accept Madagascar’s bid to host the meeting of the Panel on fine flavour cocoa.

This decision was proudly and enthusiastically welcomed by the Madagascar delegation, led by Mr. Razafindravahy, Minister of Industrialization, Trade and Consumer Affairs and President of Madagascar’s National Cocoa Council (CNC). The International Cocoa Council, chaired by H. E. Mrs. Lugon-Moulin, Ambassador of Switzerland to Côte d’Ivoire, highlighted the relevance of Madagascar’s dossier and the quality of the Minister’s presentation.

Commenting on the decision, Mr. Fontayne, Vice-President of the CNC, remarked: “Madagascar is certainly proud to be hosting this meeting, but above all it is an international event that must involve all those countries and all those cocoa farmers who are constantly working to improve quality, one of the surest ways to improve farmers’ incomes”.

The Expert Panel, meeting in June 2023, will update the list of countries appearing in Annex “C” of the International Cocoa Agreement, 2010, and review their percentage exports of fine flavour cocoa. This Panel, whose membership was renewed by the Council in 2021, will comprise twelve experts from the private and public sectors, representing the main cocoa producing and consuming regions.

At the Panel’s last meeting in 2019, a total of 25 cocoa-producing countries were classed as exclusively or partially producing “fine flavour” cocoa, characterised by a complex sensory profile with balanced and distinctive aromatic notes.

Though only accounting for around 12% of world exports, the fine cocoa sector is growing faster than the traditional cocoa sector and commands higher market prices, thereby improving farmers’ incomes and enhancing the sustainability of the cocoa sector, in line with the objectives set out in the ICCO’s strategic action plan.

Le Conseil international du cacao adopte la version amendée de l’Accord international de 2010 sur le cacao

Abidjan, Côte d’Ivoire, 30 septembre 2022. Lors de sa 106e session ordinaire tenue du 27 au 29 septembre 2022, le Conseil international du cacao a adopté la version amendée de l’Accord international de 2010 sur le cacao (AIC) et a recommandé à toutes les parties signataires de l’Accord qu’elles acceptent les amendements.

L’AIC 2010 amendé, qui est l’aboutissement de l’examen de l’Accord actuel, reflète la nécessité de disposer d’un instrument plus prospectif et mieux adapté aux défis actuels de l’économie cacaoyère mondiale. Il comprend une série de changements majeurs :

  1. La durée indéterminée de l’Accord (sous réserve d’un examen tous les cinq ans), afin d’accroître la stabilité et la durabilité des initiatives mises en œuvre dans le cadre de l’Accord.
  2. Le réalignement des dispositions de l’Accord sur les objectifs de développement durable (ODD), afin d’accélérer le développement de l’économie cacaoyère mondiale.
  3. L’introduction de la question du revenu décent des cacaoculteurs en tant qu’objectif clé de l’Accord et la référence à des prix rémunérateurs pour parvenir à la durabilité économique.
  4. Trois nouveaux articles décrivant les mesures spécifiques à mettre en œuvre dans le cadre des piliers économique, social et environnemental de la durabilité.
  5. Un regain d’attention sur la valeur ajoutée, la qualité supérieure et la sûreté alimentaire.
  6. Le soutien de la recherche et de l’innovation dans la chaîne de valeur du cacao et la coopération renforcée avec un plus grand nombre d’organismes donateurs pour le financement de projets de développement cacaoyer.

Grâce aux changements indiqués et à d’autres modifications, l’AIC 2010 amendé est désormais mieux adapté aux nouveaux défis de l’économie cacaoyère mondiale et constitue un outil essentiel pour le développement des secteurs cacaoyers nationaux.

Les parties signataires de l’AIC 2010 doivent maintenant mener leurs procédures internes pour préparer et déposer une lettre de notification de leur acceptation de l’Accord amendé auprès du Secrétaire général des Nations Unies, en sa qualité de dépositaire de l’Accord.

Une fois les amendements adoptés par le nombre requis de pays exportateurs et importateurs Membres de l’Organisation, l’AIC 2010 amendé devrait entrer en vigueur le 1er octobre 2024.

Le panel d’experts de l’Organisation Internationale du Cacao (ICCO) sur le cacao fin se réunira à Madagascar en juin 2023.

Abidjan, Côte d’Ivoire, 30 septembre 2022, L’Organisation Internationale du Cacao est heureuse d’annoncer que la prochaine édition du Panel de l’ICCO sur le cacas fin se tiendra à Madagascar en juin 2023.

C’est à l’issue des délibérations qui se sont tenues le 29 septembre au siège de l’Organisation à Abidjan, Côte d’ivoire, que les 52 pays Membres de l’ICCO ont décidé par consensus de retenir la candidature de Madagascar pour héberger les travaux du Panel d’experts sur le cacao fin.

Cette décision a été accueillie avec fierté et enthousiasme par la délégation de Madagascar présidée par Monsieur Razafindravahy, ministre de l’Industrialisation, du commerce et de la consommation et président du Conseil National du Cacao (CNC) de Madagascar. La pertinence du dossier de Madagascar et la qualité de la présentation délivrée par le Ministre, ont été saluées par le Conseil International du Cacao présidé par Son Excellence Madame Lugon-Moulin, ambassadrice de Suisse en Côte d’Ivoire.

Monsieur Fontayne, vice-président du CNC, a déclaré à cette occasion : « Accueillir cette réunion est certes une fierté pour Madagascar, mais il s’agit là d’un événement international qui doit consacrer tous les pays et tous les cacaoculteurs qui œuvrent pour une amélioration constante de la qualité, une des voies les plus sûres pour une meilleure rémunération de nos planteurs ».

Le Panel d’experts qui se réunira en juin 2023, devra mettre à jour les pourcentages d’exportations en cacao fin auxquels peuvent prétendre les pays producteurs, tels que mentionnés à l’Annexe C de l’Accord international de 2010 sur le cacao. Ce Panel, dont la composition a été renouvelée en 2021 par le Conseil sera composé de douze experts issus du secteur privé et public, et représentant les principales régions productrices et consommatrices de cacao.

Lors de la dernière édition du Panel en 2019, 25 pays producteurs de cacao avaient été distingués pour leur production exclusive ou partielle d’un cacao dit fin (« fine flavour » en anglais) et caractérisé par un profil sensoriel complexe dont les notes aromatiques sont équilibrées et particulières.

Bien que représentant seulement environ 12% des exportations mondiales, le segment du cacao fin bénéficie d’une croissance plus rapide que le secteur traditionnel du cacao ainsi que de prix plus élevés sur les marchés, permettant ainsi une amélioration du revenu des planteurs et une meilleure durabilité du secteur, conformément aux objectifs définis par le plan d’action stratégique de l’ICCO.

El Consejo Internacional del Cacao adopta la versión enmendada del Convenio Internacional del Cacao, 2010

Abidjan, Côte d’Ivoire, 30 de septiembre 2022. En su 106ª reunión ordinaria, celebrada del 27 al 29 de septiembre de 2022, el Consejo Internacional del Cacao adoptó la versión enmendada del Convenio Internacional del Cacao (CIC), 2010, y acordó recomendar a todas las partes contratantes del Convenio que acepten las enmiendas.

La versión enmendada del CIC, 2010, fruto de la revisión del Convenio actual, reconoce la necesidad de un instrumento más enfocado al futuro y mejor adaptado para afrontar los retos actuales con los que se enfrenta la economía cacaotera mundial. Destacan las modificaciones siguientes:

  1. La duración indefinida del Convenio (sujeta a revisión cada cinco años), con el fin de dotar de mayor estabilidad y sostenibilidad a las iniciativas ejecutadas en el marco del Convenio.
  2. La realineación de las disposiciones del Convenio con los Objetivos de Desarrollo Sostenible (ODS), para así asegurar el desarrollo acelerado de la economía cacaotera mundial.
  3. La incorporación en el Convenio de un objetivo clave relacionado con la consecución de unos ingresos dignos para los cacaocultores, junto con una referencia a precios remunerativos para lograr la sostenibilidad económica.
  4. La introducción de tres nuevos artículos en los que se describen a grandes rasgos las medidas específicas que deben llevarse a cabo en el marco de los pilares económico, social y medioambiental de la sostenibilidad.
  5. Una mayor atención a la adición de valor, a la calidad superior y a la inocuidad alimentaria.
  6. Apoyo a la investigación y la innovación en la cadena de valor del cacao, y una colaboración más amplia con más organismos donantes para la financiación de proyectos de desarrollo del cacao.

Al incorporarse éstas y otras modificaciones, la versión enmendada del CIC, 2010, está mejor adaptada para abordar los nuevos retos de la economía cacaotera mundial, ofreciendo además una herramienta de gran valor para el desarrollo de los sectores cacaoteros nacionales.

Las partes contratantes del CIC, 2010, deben ahora completar sus procedimientos internos para elaborar y depositar con el Secretario General de las Naciones Unidas, en su calidad de depositario del Convenio, una carta de notificación de su aceptación del Convenio enmendado.

Una vez aceptadas las enmiendas por el número requisito de países miembros exportadores e importadores de la Organización, se espera que la versión enmendada del CIC, 2010, entre en vigor el 1 de octubre de 2024.