The price per ton of the main raw material for chocolate reached US$6,394 this week on the New York Stock Exchange. In mid-2023 the price was US$2,500.
As recalled, a ton of Ecuadorian cocoa this last week of February reached US$6,336 on the New York Stock Exchange, according to the International Cocoa Organization (ICCO) portal.
Other specialized media, such as IFC Markets, predict a closing for this Wednesday, February 28, at US$6,394 per ton, a record figure and never before seen in the industry, which began to feel this surge in prices since mid-2023. .
At that time, the price skyrocketed by 64% from US$2,500 to US$4,100 per ton, driven by low production in producing countries, such as the African Ivory Coast and Ghana.
This price situation impacts Ecuador's chocolate industry, which requires cocoa as a raw material for the production of its products and foresees an increase in prices. The Andean country is no exception.
For example, the Paccari company projects a first increase of 12% in the prices of its chocolates, revealed its general manager, Santiago Peralta. However, the businessman warned that, if the situation continues, the industry will have to raise prices to final consumers between 30% and 40%.
Peralta revealed that currently the price they pay per ton is more than US$5,500, so the quintal is around US$250.
Other companies are going through a similar situation, such as Cárdenas Chocolates, in the province of Manabí. Its founder, Susana Cárdenas, assured that they are now paying US$210 per quintal of dry cocoa.
But this wouldn't last long. Cárdenas projects that this year they would pay up to US$300 per quintal, and he also does not rule out an increase in prices for their products that are exported to France, Spain, Switzerland, the United Kingdom and recently to the United States.
HOW MANY ECUADORIAN COMPANIES PRODUCE CHOCOLATE?
- More than 138 companies are dedicated to the preparation of chocolate and chocolate products in Ecuador, according to figures from the National Association of Cocoa Exporters of Ecuador (Anecacao), based on data from the Superintendence of Companies.
- 61 of these companies exported chocolates and chocolate products to different parts of the world, in 2023, which according to figures from the Central Bank of Ecuador reached 1,760 tons - which represents 16% less compared to the previous year -, generating in this way way around US$ 21 million for the national economy.
Merlyn Casanova, executive director of Anecacao, confirmed the situation: “Chocolatiers are suffering the consequences of the high cost of raw materials. They must upload their products,” he said.
On the other hand, the leader highlighted that the rise in prices benefits cocoa producers who receive more income for their production.
