Cameroon cocoa earnings rise 84% to $815m on higher prices
TLDR
- Cameroon's 2023/2024 cocoa season saw a 1.17% increase in production, reaching 266,725 tons.
- Exports of 185,613 tons generated 265.3 billion FCFA ($815 million), marking an 84% increase in revenue.
- International cocoa price surge led to farm gate prices exceeding 6,300 FCFA/kg, a significant jump from the previous season.
The 2024/2025 cocoa season in Cameroon was officially launched on August 8, 2024, with the National Cocoa and Coffee Office (ONCC) reporting a significant increase in production and revenue for the previous season.
During the 2023/2024 campaign, which ran from August 1, 2023, to July 15, 2024, Cameroon produced 266,725 tons of cocoa, marking a 1.17% increase compared to the previous year.
Exports of 185,613 tons generated 265.3 billion FCFA (around $815 million), representing an 84% increase. This boost was largely due to rising international cocoa prices, which led to farm gate prices exceeding 6,300 FCFA/kg, a substantial jump from the previous season’s maximum of 1,290 FCFA/kg.
Key Takeaways
Cocoa prices are rising due to a global supply shortage, chronic underinvestment in cocoa farms, and investor speculation. Chocolate brands are grappling with the impact of higher cocoa costs, and this is resulting in price hikes and shrinkflation. J.P. Morgan Research projects cocoa prices will come down slightly over the medium term, tracking around the $6,000 mark. The majority of exports were handled by three main operators: Telcar Cocoa (35.10%), OFI CAM (24.89%), and SBET (9.88%), with Europe and Asia being the primary destinations. However, there was a slight decline in the volume of cocoa processed locally, with 85,780 tons processed domestically, mainly by large industrial factories like SIC-Cacaos, Atlantic Cocoa, and Neo Industry, among others.
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