Latest News From The ICCO

The International Cocoa Council and subsidiary bodies, including the Ad hoc Panel on Fine or Flavour Cocoa, the Consultative Board on the World Cocoa Economy, as well as the Economics and Administration and Finance Committees, will meet at the Holiday Inn Hotel, Wembley, London, UK, 18 - 25 September 2015.

The one-day Cocoa Market Outlook Conference will take place on Tuesday 22 September at the same venue.

Provisional Timetable of Meetings, 18 - 25 September 2015, Wembley, London, UK

ED(MEM) 994

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International Cocoa Council: Draft Agenda

ICC-92-1

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Administration and Finance Committee: Draft Agenda

AF-7-1

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Economics Committee: Draft Agenda

EC-6-1

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Consultative Board on the World Cocoa Economy: Draft Agenda

CB-31-1

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Ad hoc Panel on Fine or Flavour Cocoa: Draft Agenda

FFP-4-1

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One-Day Cocoa Market Outlook Conference

ED(MEM) 992 

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London, 21 July 2015—Some of the best cocoa in the world is to be examined as the International Cocoa Organization’s Ad hoc Panel on Fine or Flavour Cocoa meets in London on 18 September.

The panel, made up of experts from producing and consuming countries around the world, will review and if necessary revise Annex ‘C’ of the International Cocoa Agreement 2010, which determines the proportion in which its listed countries produce and export fine or flavour cocoa.

Fine or flavour cocoa, currently making up only about five per cent of world production, recently has been increasingly sought after, as chocolate manufacturers use it for upmarket and speciality products, and fine chocolatiers require its distinctive characteristics in aroma and flavour to enhance and differentiate their ranges.

The countries producing fine or flavour cocoa have been asked to submit proposals for inclusion in Annex ‘C’ and to justify the percentages of the type that they provide. The panel will look at the specific conditions in each producing country, including production levels, export deliveries, quality assessment and traders’ and chocolate manufacturers’ confidence in the origin in order to come to a recommendation.

More details of the work of the Fine or Flavour Cocoa Panel are available here, where you can also see the current list of countries producing this type of cocoa.

More details of the Fine or Flavour Cocoa Panel's meeting in September can be downloaded here.

London, 16 July 2015--The Quarterly Bulletin of Cocoa Statistics produced by ICCO is the most authoritative source of cocoa statistics in the world. The database of the Bulletin, built on Oracle Personal Express, captures data submitted by ICCO members and non-members from over a hundred countries and presents the data in a report or spreadsheet that facilitates the printing of the Bulletin.

The ICCO is seeking a qualified consultant or company to develop a new customized, computerized database management system. In addition to the existing functions of the current system, the new system will be more user-friendly, optimize the regular transfer of data from MS Excel files, implement automatic data quality checks, provide an output closer to the current Bulletin’s format and be capable of handling the growing data management needs of the organization.

For a full specification, or further details, please contact Elizabeth Gyamfi at This email address is being protected from spambots. You need JavaScript enabled to view it..

The ICCO has announced a one-day Conference looking in depth at the cocoa market situation and prospects for the future, to take place Tuesday, 22 September 2015 at the Holiday Inn Hotel, Wembley, London.

The Cocoa Market Outlook Conference, which will include presentations from leading experts and analysts in the trade and industry, is aimed at relevant government officials, corporate executives and members of civil society, as well as any other stakeholders in the cocoa value chain with an interest in the current characteristics and future developments in cocoa supply and demand.

A stand-alone event, the Conference will take place during the September meetings of the International Cocoa Council and its subsidiary bodies, and will likely be attended by many delegate representatives of ICCO member countries. However, the Conference itself is available to any interested participant who registers for it.

Click here to download the latest Conference brochure, including the draft programme, list of speakers and a registration form.

More details on the subject areas to be discussed and the arrangements for the Conference are available to download here.

Download the details of discounted accommodation arranged for delegates to the Conference.

London, 2 June 2015--The International Cocoa Organization is to run another edition of its successful International Seminar on Futures Markets and Econometric Modelling of the Cocoa Market, this time at the Discovery Kartika Plaza Hotel, Kuta, Bali, Indonesia, 3 - 6 August 2015, the ICCO announced today.

Organized in Bali in conjunction with the Ministry of Trade of Indonesia, these Seminars aim to give policy makers and other stakeholders in the cocoa sector--particularly from the Asian region--an improved understanding of the functioning of cocoa futures markets and an enhanced ability to use econometric models to forecast market developments. The two modules of the Seminar are scheduled to run back-to-back throughout four days.

ICCO staff and international experts with an in-depth knowledge of the subjects will deliver the Seminar training. The Seminar follows up on a number of studies on cocoa price determination and the functioning of the cocoa markets published by the Organization’s staff in recent years, and the ICCO also has built a sophisticated econometric model on the world cocoa economy and publishes regular forecasts on cocoa supply and demand based on it.

Both module topics already have been the subject of well received seminars held at the ICCO headquarters in London, and subsequently in Guayaquil (Ecuador) and in Abidjan (Côte d’Ivoire).

Full details of the Seminar, including the content, presenter biographies, schedule, accommodation options and a registration form, are available to download here.

London, 29 May 2015 -- The International Cocoa Organization today releases its revised forecasts for the current 2014/2015 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for 2013/2014, as summarized below. The data published in Issue No. 2 - Volume XLI - Cocoa year 2014/2015 of the Quarterly Bulletin of Cocoa Statistics reflect the most recent information available to the Secretariat as at the middle of May 2015.

Summary of revised forecasts and estimates

Cocoa year
(Oct-Sep)
2013/2014 2014/2015 Year-on-year change
   Revised
estimates
Previous
Forecasts a/
Revised
Forecasts
 
  (thousand tonnes)   (Per cent)
World production 4 359 4 232 4 168 - 191 - 4.4%
World grindings 4 301 4 207 4 164 - 137 - 3.2%
Surplus/deficit b/ +  14 -  17 - 38    
           
End-of-season stocks 1 608 1 609 1 570  - 38 - 2.4%
Stocks/Grindings ratio 37.4% 38.2% 37.7%    

Notes:
a/   Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLI - No. 1 - Cocoa year 2014/2015
b/   Surplus/deficit: Net world crop (gross crop adjusted for loss in weight) minus grindings
Totals may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s revised forecasts for the 2014/2015 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country. The main features of the global cocoa market are illustrated in colour charts. In addition, the Bulletin includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments on international markets for cocoa beans during the January-March quarter of 2015.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2011/2012 to 2013/2014 and quarterly statistics for the period January-March 2013 to July-September 2014. Details of destination of exports and origin of imports for leading cocoa exporting countries are also provided. Historical statistics on cocoa trade and consumption, by country and by region, for the period 2005/2006 to 2013/2014 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format, can be ordered by completing and returning this form or from the ICCO Secretariat at the address below:

International Cocoa Organization
Westgate House
Ealing
London W5 1YY, UK

Tel:              +44 (0)20 8991 6000
Fax:             +44 (0)20 8997 4372
E-mail:         This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

The ICCO stressed the importance of sustainability and innovation at the opening session of the Asia Choco Cocoa Congress, held in late April in Singapore.

Speaking on behalf of the Organization, Senior Economist Mr. Loke Fong Han emphasised the interdependence of all stakeholders and the fact that each component in the chain is vital to the future sustainability of the cocoa sector.

He advocated better coordination of initiatives and national policies, and increasing crop and farm diversification in his presentations. Improving quality and branding cocoa origins were steps leading to increased value for cocoa bean production, he said, and would help producing countries and their farmers to move up the chain rather than merely producing beans for export.

Mr. Han also reconfirmed the ICCO's position that the widely publicised fear of a major upcoming cocoa shortage was seriously overstated, and presented some of the Organization's forecasts for supply and demand of cocoa in the next few years.

The ICCO was a supporter of the Asian Choco Cocoa Congress, which drew participants from around the Asian cocoa producing region.

Mr. Han's presentation can be downloaded here.

The ICCO launched its project Capacity building on price risk management strategy for cocoa smallholders in Africa in Cameroon and Nigeria in late April, with capacity building workshops held in Yaoundé and Abuja.

Implemented by the well known NGO Twin, the workshops attracted participation from cocoa farmers, co-operatives, producers associations, local banks and government officials. Similar workshops are already planned for Sierra Leone and Togo in the coming months.

The workshop participants discussed the results of a farm survey on the current price-risk management practices adopted in Cameroon and Sierra Leone. It emerged that only five per cent of interviewed cocoa producers are managing their price risk exposure either by negotiating the sale price before the delivery takes place (i.e. forward contracts), or by employing more sophisticated strategies (i.e. futures contracts). Furthermore, most farmers have misconceptions about how the world cocoa price is derived and the role of cocoa futures markets.

After this initial stage in the capacity building process, local cocoa stakeholders will go on to attend an intense training programme to fill these knowledge gaps. Subsequently, the Project Co-ordinators of each implementing country will contract some of these trained stakeholders to provide technical assistance to cocoa co-operatives on the ground. 

The ultimate project goal is to increase the awareness of local cocoa stakeholders about price risk and about the means to reduce its detrimental effects on farm income. Indeed, the mitigation of the farm gate price risk is one of the pillars underpinning the reduction of the poverty level of cocoa farmers. Specifically reducing income uncertainty puts producers in a better position to plan both their current farm management practices, and their investment decisions. By doing so, positive spill over effects are expected on farm productivity.

The current project has been made possible by project grants from the Common Fund for Commodities (CFC) and the Agence Française de Développement (AFD).


Abidjan, 27 March 2015—The world’s largest cocoa producing countries should marshal their resources with a view to avoiding oversupply in the future and helping ensure equitable prices, ICCO Executive Director Dr Jean-Marc Anga told attendees at the opening of the 91st session of the International Cocoa Council in Abidjan in late March.

The meetings, kindly hosted by the Government of Côte d’Ivoire, the world’s largest cocoa producing country, were officially opened by Côte d’Ivoire’s Prime Minister, H.E. Mr. Daniel Kablan Duncan, and attended by H.E. Mr. Jean Louis Billon, Minister of Trade, Agriculture Minister H.E. Mr. Sangafowa Coulibaly, and dignitaries from several of the Organization’s 48 member countries. (Photo of the official opening session, above, from Abidjan.net)

The week-long session included meetings of the ICCO’s Economics and Administration and Finance Committees, as well as of the Consultative Board on the World Cocoa Economy, which includes representatives of the major processors, chocolate manufacturers, and NGOs involved in the cocoa sector.

Dr. Anga’s presentation called on the five largest producing countries to conduct an inventory of their cocoa resources, and develop national strategies in line with demand, so as to avoid a negative effect on the market and on the price that farmers receive for their cocoa.

The meetings reported on all of the ICCO’s planned projects and activities, and on a number of upcoming events, including the first official announcement of the third edition of the successful World Cocoa Conference. Dr. Anga explained that the Conference, kindly hosted by the Government of the Dominican Republic, has been rescheduled for late May 2016 at the Barceló Bávaro Convention Center, Punta Cana in the Dominican Republic. (The initial brochure for the Conference is available for download by clicking here).

During the meetings, the African Export-Import Bank (Afreximbank) reported on the Memorandum of Understanding (MOU) between the bank and the ICCO signed in November 2014, under which the two institutions agreed to boost the development of the cocoa sector by promoting value addition through cocoa processing, strengthen capacity in building cocoa projects and project finance, and promote the consumption of cocoa products in Africa and Asia.

Delegates at the meetings discussed issues as diverse as profitable farm models, a proposed global sustainability fund, fine or flavour cocoa and the policy implications of long-term trends in global cocoa prices. They also had presentations by the Food and Agriculture Organization (FAO) and the World Trade Organization (WTO).

Regarding the Council’s previous decision to move the headquarters of the Organization from London to Abidjan – a final discussion on which will take place at the next meetings in September 2015 – it was decided that the Secretariat would oversee the work of an accounting firm assigned to investigate both the costs of relocation and the potential ongoing costs of the ICCO operating in the Ivorian commercial capital.

Also during the meetings, a special seminar on Voluntary Standards in Cocoa Sustainability, presented by the Geneva-based International Trade Centre, attracted a hundred participants, mostly from the Ivorian cocoa trade and industry.

Presentations made at the 91st Council meetings in Abidjan (click on the titles to download):

The International Trade Centre and the ICCO are to hold an afternoon seminar on Voluntary Sustainable Standards in the cocoa sector at the Hotel Sofitel Ivoire, Abidjan,  in Abidjan on 24 March 2015.

This event is intended for policy makers, staff from national institutions in charge of the cocoa sector, cocoa cooperatives, cocoa farmers’ associations, relevant NGOs, local staff of certification systems, cocoa buyers and private cocoa and chocolate companies. It is open, free-of-charge to all.

For more details on the content and to register, please click here for information in English.

L'International Trade Centre en collaboration avec l’Organisation internationale du cacao (ICCO) organisent un séminaire sur les normes volontaires de durabilité, qui aura lieu à l'Hôtel Sofitel Ivoire à Abidjan, le mardi 24 mars 2015.

Cet événement s’adresse aux décideurs politiques, au personnel des institutions nationales chargées du secteur cacaoyer, aux coopératives cacaoyères, aux associations de cacaoculteurs, aux ONG concernées, au personnel local des systèmes de certification, aux acheteurs de cacao et aux sociétés privées du secteur du cacao et du chocolat. Il est gratuit et ouvert à tout les intéréssés.

Pour de plus amples informations sur le contenu et les modalités d'inscription en français, veuillez cliquer ici.

London, 27 February 2015--The International Cocoa Organization today releases its first forecasts for the 2014/2015 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for 2013/2014, as summarized below. The data published in Issue No. 1 - Volume XLI - Cocoa year 2014/2015 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of February 2015.

Summary of forecasts and revised estimates

Cocoa year
(Oct-Sep)
2013/2014 2014/2015 Year-on-year change
   Previous estimates a/ Revised estimates Forecasts  
  (thousand tonnes)   (Per cent)
World production 4 365 4 355 4 232 - 123 - 2.8%
World grindings 4 268 4 281 4 207 - 74 - 1.7%
Surplus/deficit b/  + 53  + 30  - 17    
           
End-of-season stocks 1 659 1 626 1 609 - 17 - 1.0%
Stocks/Grindings ratio 38.9% 38.0% 38.2%    

Notes:
a/   Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XL - No. 4 - Cocoa year 2013/2014
b/   Surplus/deficit: Net world crop (gross crop adjusted for loss in weight) minus grindings
Totals may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s first forecasts for the 2014/2015 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country. The main features of the global cocoa market are illustrated in colour charts. In addition, the Bulletin includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments on international markets for cocoa beans during the October-December quarter of 2014. 

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2010/2011 to 2012/2013 and quarterly statistics for the period October-December 2012 to April-June 2014. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided. Historical statistics on cocoa trade and consumption, by country and by region, for the period 2004/2005 to 2012/2013 are presented for reference. 

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format, can be ordered by completing and returning this form or from the ICCO Secretariat at the address below:

International Cocoa Organization
Westgate House
Ealing
London W5 1YY, UK

Tel:              +44 (0)20 8991 6000
Fax:             +44 (0)20 8997 4372
E-mail:         This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

ICCO Secretariat

International Cocoa Organization
Westgate House
Ealing
London W5 1YY
United Kingdom

Tel:  +44 (0)20 8991 6000
Fax: +44 (0)20 8997 4372
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

ICCO Agreements

The ICCO International Cocoa Agreement is available to download in Acrobat PDF format.

Go to the ICCO Agreements page

ICCO Membership Procedure

The procedures for becoming a member of the International Cocoa Organization are provided in Articles 52 to 57 of the International Cocoa Agreement, 2010.

How to Become an ICCO Member - International Cocoa Agreement 2010

General Information

Further information on the ICCO, the cocoa market, statistics, meetings, or any other subject related to the world cocoa economy can be obtained by contacting the Information and Media Officer at This email address is being protected from spambots. You need JavaScript enabled to view it.