Ivory Coast to Slash Cocoa Exports Amid Smaller Upcoming Crop

The world’s leading cocoa producer, Ivory Coast is preparing to cut its cocoa exports from the upcoming crop due to a second consecutive year of reduced output, sources revealed. The country’s cocoa industry, which is a cornerstone of its economy, is facing challenges, basically due to prolonged drought conditions that have severely impacted the mid-crop.

According to industry data, Ivory Coast has already shipped 1.43 million metric tons of cocoa to ports from October 1 to March 23; a 12% increase from the same period last year. However, the pace of shipments has slowed from the 35% increase observed in December. The mid-crop, which typically begins in April, is forecast to produce around 400,000 million metric tons; representing a 9% decrease from the 440,000 MMT produced last year.

The current weather conditions are reminiscent of those in 2023 and 2024, which were particularly challenging for cocoa production. This has led to widespread concerns among industry experts and traders. As a result, cocoa prices have already begun to rise, with May ICE NY cocoa and May ICE London cocoa #7 contracts closing up by more than 4% on recent trading days.

Swollen shoot disease is a viral disease with no cure, spreading rapidly through Ivory Coast’s 13 cocoa-producing regions. It has affected around half of the country’s cocoa fields. Farmers and exporters are warning of a significant impact on the global cocoa supply and the livelihoods of thousands of farmers.