Latest news with #CoffeeandCocoaCouncil
TimesLIVE
4 days ago
- Business
- TimesLIVE
Small Ivory Coast cocoa firms say EU deforestation rules might bankrupt them
Small players in Ivory Coast's cocoa industry say they fear they will go out of business due to the cost of complying with new EU regulations on the import of commodities linked to deforestation. The proposed law, which aims to end the estimated 10% of global deforestation fuelled by EU consumption, requires companies importing goods such as cocoa, soy, beef and coffee to prove their supply chains do not contribute to the destruction of the world's forests, or face hefty fines. In order to meet the regulations, Ivory Coast has opted for a digitalised sales and purchasing system to facilitate verification. However, cooperatives and small local exporters are concerned they will not be able to compete with Western multinational companies, which have better financial and human resources to handle the additional cost and workload. Two sources at Ivory Coast's Coffee and Cocoa Council regulator said around 900,000 out of 1-million cocoa farmers had already received their digital ID cards, which will also serve as bank cards. Under the new system, farmers will be paid via mobile money operators by exporters after buyers or cooperatives deliver their beans to ports - effectively cutting out the usual cash payments to middlemen.
Business Recorder
23-07-2025
- Business
- Business Recorder
Robusta coffee prices fall while sugar and cocoa also ease
LONDON: Robusta coffee futures fell on Wednesday, slipping towards the previous session's 16-month low on ample supplies, while sugar and cocoa prices also weakened slightly. Coffee Robusta coffee lost 0.8% to $3,264 a metric ton by 1151 GMT. Prices touched a 16-month low of $3,166 on Tuesday. Dealers said the market remains well supplied, buoyed by newly harvested crops from Brazil and Indonesia, while the potential for a larger crop in top robusta producer Vietnam also weighed on sentiment. A Vietnam coffee crop tour projected a 7% increase in the next crop. The market also remained focused on whether the U.S. would go ahead with the planned 50% tariff on imports on Brazilian coffee from August 1. They noted the flow of Brazilian conilon (robusta) coffee to Europe remained limited at the moment but could pick up if U.S. tariffs are imposed. Arabica coffee was up 0.2% at $2.9705 per lb. Robusta coffee recovers after hitting 16-month lows, cocoa also gains ground Sugar Raw sugar lost 0.9% to 16.15 cents per lb. Dealers said the market remained on the defensive, partly owing to improved prospects in India, where rains have boosted planting, and an expected large crop next season could lead to exports from the world's second-biggest producer. White sugar fell 0.8% to $468.50 a ton. Cocoa London cocoa eased by 0.1% to 5,248 pounds a ton. Exports of cocoa beans and semi-finished products at ports in top grower Ivory Coast since the start of the season on October 1 had reached 1.508 million tons by June 30, up 1.3% from 1.489 million tons in the same period last season, Coffee and Cocoa Council (CCC) data showed on Wednesday. New York cocoa fell 0.2% to $8,132 a ton.
Washington Post
17-04-2025
- Business
- Washington Post
Struggling Ivory Coast cocoa farmers are worried about US tariff plans
N'GATTAKRO, Ivory Coast — Jean Mari Konan Yao says he's struggling as a cocoa farmer in the west African nation of Ivory Coast , which produces almost half the world's cocoa supply of the raw ingredient used in chocolate. Like many in Ivory Coast — the world's biggest cocoa producer — Konan Yao says cocoa has long provided a lifeline for him, but adverse weather and plant diseases have hurt harvests in recent years. Now, cocoa farmers worry even more over President Donald Trump's plans to impose a 21% tariff on products from Ivory Coast — the highest among West African nations. Although Trump has suspended the tariff plans for 90 days pending further review, authorities in Ivory Coast have warned that such tariffs could send the price of cocoa even higher and destabilize the local market by slowing their sales. Ivory Coast produces between 2 million and 2.5 million metric tons of cocoa annually, with around 200,000 to 300,000 metric tons exported to the United States, according to the Coffee and Cocoa Council. In 2023, Ivory Coast exported $3.68 billion worth of cocoa beans, its second biggest export after gold. The U.S. was its fourth-largest importer of cocoa beans, after the Netherlands, Malaysia and Belgium, according to the Organization for Economic Cooperation and Development. For most local cocoa growers, any U.S. tariff could further shake a market already struggling with decreasing yields and shrinking funding that has limited farmers' ability to meet global demands for chocolate. 'If we hear the American president is going to put a tax on the price of cocoa, it's really not good for us, it doesn't help us,' said another cocoa farmer, Salif Traoré. Already, cocoa prices were rising in the country, in part because of insufficient and irregular rainfall in Ivory Coast. The U.K.-based Energy and Climate Intelligence Unit research firm has noted a 32% rise in the price of cocoa imported into the United Kingdom over the last three years, partially due to extreme weather conditions in parts of Africa where it's mainly grown. Together, Ivory Coast, Ghana, Nigeria and Cameroon produce about three-quarters of the world's cocoa. Cocoa is traded on a regulated, global market. In Ivory Coast, the government usually sets cocoa prices at the onset of each season, with prices reflecting market trends and global prices. The local prices are, however, lower than the global market rates, thereby limiting the farmers' profit from high global prices. Authorities say they are already considering cocoa price increases if the U.S. tariff comes into effect. 'Donald Trump's customs tax is causing us problems. We are already feeling the effects,' said Boss Diarra, coordinator of the local cocoa farmers' union in Bouaflé in central Ivory Coast. He pointed to bags of cocoa that he said farmers have been unable to sell. Meanwhile, a U.S. tariff could mean more cocoa for European markets, said Bruno Marcel Iritié, researcher at the Ivorian Félix Houphouët-Boigny Polytechnic Institute. Some of the top importers of Ivory Coast cocoa are in Europe, market data show. European customers 'will inevitably buy cheaper because when there is too much, the customer is king,' Iritié said. ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at .
Yahoo
17-04-2025
- Business
- Yahoo
Struggling Ivory Coast cocoa farmers are worried about US tariff plans
N'GATTAKRO, Ivory Coast (AP) — Jean Mari Konan Yao says he's struggling as a cocoa farmer in the west African nation of Ivory Coast, which produces almost half the world's cocoa supply of the raw ingredient used in chocolate. Like many in Ivory Coast — the world's biggest cocoa producer — Konan Yao says cocoa has long provided a lifeline for him, but adverse weather and plant diseases have hurt harvests in recent years. Now, cocoa farmers worry even more over President Donald Trump's plans to impose a 21% tariff on products from Ivory Coast — the highest among West African nations. Although Trump has suspended the tariff plans for 90 days pending further review, authorities in Ivory Coast have warned that such tariffs could send the price of cocoa even higher and destabilize the local market by slowing their sales. Ivory Coast produces between 2 million and 2.5 million metric tons of cocoa annually, with around 200,000 to 300,000 metric tons exported to the United States, according to the Coffee and Cocoa Council. In 2023, Ivory Coast exported $3.68 billion worth of cocoa beans, its second biggest export after gold. The U.S. was its fourth-largest importer of cocoa beans, after the Netherlands, Malaysia and Belgium, according to the Organization for Economic Cooperation and Development. For most local cocoa growers, any U.S. tariff could further shake a market already struggling with decreasing yields and shrinking funding that has limited farmers' ability to meet global demands for chocolate. 'If we hear the American president is going to put a tax on the price of cocoa, it's really not good for us, it doesn't help us,' said another cocoa farmer, Salif Traoré. Already, cocoa prices were rising in the country, in part because of insufficient and irregular rainfall in Ivory Coast. The U.K.-based Energy and Climate Intelligence Unit research firm has noted a 32% rise in the price of cocoa imported into the United Kingdom over the last three years, partially due to extreme weather conditions in parts of Africa where it's mainly grown. Together, Ivory Coast, Ghana, Nigeria and Cameroon produce about three-quarters of the world's cocoa. Cocoa is traded on a regulated, global market. In Ivory Coast, the government usually sets cocoa prices at the onset of each season, with prices reflecting market trends and global prices. The local prices are, however, lower than the global market rates, thereby limiting the farmers' profit from high global prices. Authorities say they are already considering cocoa price increases if the U.S. tariff comes into effect. 'Donald Trump's customs tax is causing us problems. We are already feeling the effects,' said Boss Diarra, coordinator of the local cocoa farmers' union in Bouaflé in central Ivory Coast. He pointed to bags of cocoa that he said farmers have been unable to sell. Meanwhile, a U.S. tariff could mean more cocoa for European markets, said Bruno Marcel Iritié, researcher at the Ivorian Félix Houphouët-Boigny Polytechnic Institute. Some of the top importers of Ivory Coast cocoa are in Europe, market data show. European customers "will inevitably buy cheaper because when there is too much, the customer is king,' Iritié said. ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Associated Press
17-04-2025
- Business
- Associated Press
Struggling Ivory Coast cocoa farmers are worried about US tariff plans
N'GATTAKRO, Ivory Coast (AP) — Jean Mari Konan Yao says he's struggling as a cocoa farmer in the west African nation of Ivory Coast, which produces almost half the world's cocoa supply of the raw ingredient used in chocolate. Like many in Ivory Coast — the world's biggest cocoa producer — Konan Yao says cocoa has long provided a lifeline for him, but adverse weather and plant diseases have hurt harvests in recent years. Now, cocoa farmers worry even more over President Donald Trump's plans to impose a 21% tariff on products from Ivory Coast — the highest among West African nations. Although Trump has suspended the tariff plans for 90 days pending further review, authorities in Ivory Coast have warned that such tariffs could send the price of cocoa even higher and destabilize the local market by slowing their sales. Ivory Coast produces between 2 million and 2.5 million metric tons of cocoa annually, with around 200,000 to 300,000 metric tons exported to the United States, according to the Coffee and Cocoa Council. In 2023, Ivory Coast exported $3.68 billion worth of cocoa beans, its second biggest export after gold. The U.S. was its fourth-largest importer of cocoa beans, after the Netherlands, Malaysia and Belgium, according to the Organization for Economic Cooperation and Development. For most local cocoa growers, any U.S. tariff could further shake a market already struggling with decreasing yields and shrinking funding that has limited farmers' ability to meet global demands for chocolate. 'If we hear the American president is going to put a tax on the price of cocoa, it's really not good for us, it doesn't help us,' said another cocoa farmer, Salif Traoré. Already, cocoa prices were rising in the country, in part because of insufficient and irregular rainfall in Ivory Coast. The U.K.-based Energy and Climate Intelligence Unit research firm has noted a 32% rise in the price of cocoa imported into the United Kingdom over the last three years, partially due to extreme weather conditions in parts of Africa where it's mainly grown. Together, Ivory Coast, Ghana, Nigeria and Cameroon produce about three-quarters of the world's cocoa. Cocoa is traded on a regulated, global market. In Ivory Coast, the government usually sets cocoa prices at the onset of each season, with prices reflecting market trends and global prices. The local prices are, however, lower than the global market rates, thereby limiting the farmers' profit from high global prices. Authorities say they are already considering cocoa price increases if the U.S. tariff comes into effect. 'Donald Trump's customs tax is causing us problems. We are already feeling the effects,' said Boss Diarra, coordinator of the local cocoa farmers' union in Bouaflé in central Ivory Coast. He pointed to bags of cocoa that he said farmers have been unable to sell. Meanwhile, a U.S. tariff could mean more cocoa for European markets, said Bruno Marcel Iritié, researcher at the Ivorian Félix Houphouët-Boigny Polytechnic Institute. Some of the top importers of Ivory Coast cocoa are in Europe, market data show. European customers 'will inevitably buy cheaper because when there is too much, the customer is king,' Iritié said. ___ For more on Africa and development: The Associated Press receives financial support for global health and development coverage in Africa from the Gates Foundation. The AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
