According to the National Association of Cocoa Exporters (Anecacao), there has been a growth of 6.78% in volume and 155.70% in revenue from this traditional export product.
For the Ecuadorian cocoa sector, 2024 was a good year, both in terms of production and the money generated. Thus, the National Association of Cocoa Exporters (Anecacao) recorded a growth of 6.78% in volume and 155.70% in income from this traditional export product.
The price per tonne, which is quoted on the New York and London stock exchanges, reaches almost US$12,000 in April, from July to November it is between US$7,000 and US$8,000 and on December 13 it rises again to US$11,300.
Of the top ten export products, cocoa has the highest increase. As of October, the Central Bank reports that it generated US$ 2,547 million, compared to $ 983 million in the same period in 2023. It is now the third product in terms of revenue, and displaces canned fish. Ecuador's top two star products have seen declines.
- Shrimp: US$ 5.697 million
- Bananas and plantains: US$ 3.144 million
- Cocoa and processed products: US$ 2.547 million
- Canned fish: US$ 1.364 million
- Natural flowers: US$ 831 million
- Wood and manufacturing: US$ 471 million
- Tuna and fish: US$ 286 million
- Fruits: US$ 272 million
- Banana products: US$ 187 million
- Broccoli: US$ 173 million
Anecacao indicates that “these results have generated benefits for the different actors in the chain, especially the producers, who, due to the international market price, have received more money for their cocoa, covered their needs and invested more in their development,” although “the high volatility of the price in the international market has generated liquidity and profitability problems for the various actors in the chain.”
Producers have complained about the price they receive. The Association of Producers of Fine Aromatic Cocoa (Aprocafa) says that large buyers apply differentials of US$ 1,500 and US$ 2,000 below the exchange rate. Anecacao clarifies that what is paid here does not depend on the exporter, who “is also affected by these fluctuations.”
2024 was also a good year for pork production and consumption, which grew by 6.7%: 12.3 kg per person. This is “more production of feed for pigs and consumption of proteins,” but they faced a shortage of corn, according to the Association of Balanced Feed Producers.
Shrimp is the number one export product and in 2024 it faced a four-month blockade in China, additional tariffs to enter the United States and now a preventive suspension in Brazil.
Climate change and moko are affecting the country's banana production, in addition to a 12% drop in sales to Russia due to the conflict with Ukraine. The Central Bank reports a 0.2% decrease in revenue and a 6% decrease in volume.
