Cocoa prices rise sharply by 32% in March with a drop in exports

The price of cocoa showed a strong increase of 32% in March compared to February. Compared to March 2023, inflation for the basic chocolate commodity was 142% per year — the price more than doubled. The data refers to the Brazilian market and comes from research by Brazilian Food Industry Association (ABIA). Cocoa prices are under pressure and experiencing great volatility due to a drop in harvests and exports from the main producing countries, Côte d’Ivoire and Ghana, due to climate change and pests, according to the association. The phenomenon is global, with markets such as New York and London showing, on average, a monthly increase of 27.5% in the value of cocoa. In the last 12 months, the increase was 158% in the world market, as ABIA points out.