The International Cocoa Organization today releases its first forecasts for 2007/08 and revised estimates for the 2006/2007 cocoa year of world production, grindings and stocks of cocoa beans, summarized below. The data published in issue No. 1 – Volume XXXIV –  Cocoa year 2007/08 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of February 2008.

Summary of forecasts and revised estimates:

Cocoa year (Oct-Sep) 2006/2007 2007/08 Year-on-year change
 Previous estimates a/  Revised estimates  Forecasts
(thousand tonnes)  (Per cent)
World production 3 400 3 376  3 713 +337 + 10.0%
World grindings 3 608 3 641 3 727 + 86 + 2.4%
Surplus/deficit b/ – 242 – 299 – 51
End-of-season stocks 1 598 1 587 1 536 – 51  – 3.2%
Stocks/Grindings ratio 44.3% 43.6% 41.2%

a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 4 – Cocoa year 2006/07
b/ Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings
Totals and differences may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s first forecasts for the 2007/08 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 the colour charts.  In addition, it includes a review of price developments on international markets for cocoa beans during the October – December quarter of 2007.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition covers annual data from 2003/04 to 2005/06 and quarterly statistics for the period from October-December 2005 to April-June 2007.  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 region, for the period 1997/98 to 2005/06, are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format for Windows operating system can be ordered from ICCO Secretariat at the address below:

International Cocoa Organization
Commonwealth House
1-19 New Oxford Street
London WC1A 1NU
Tel: +44 (0)20 7400 5050
Fax: +44 (0)20 7421 5500

At its 31st Special Session, the International Cocoa Council approved the establishment of an independent Working Group on Sustainable Cocoa, facilitated by the ICCO Secretariat. The Working Group will consist of governments of producing and consuming countries, the European Commission, selected NGOs and trade and industry associations, the ICCO Spokespersons for Producers and Consumers and the Chairman of the ICCO Consultative Board on the World Cocoa Economy.

The Executive Director will attend the meetings of the Working Group as an observer. The main task of the Working Group is to prepare the next meeting of the Round Table.

Trinidad & Tobago has informally extended an offer to host the next meeting of the Round Table on Sustainable Cocoa (RTSC).

The first meeting of the Working Group is scheduled to take place on 6 March at the ICCO Headquarters in London.

The Accra Agenda ( EnglishFrenchSpanish )
RTSC Working Group: 1st Meeting Agenda

For further information please use the Search function or go to the Archive of News and related documents.

icon ICC-SPEC-31-4 Round Table Follow-Up

An Ad hoc Panel of experts on fine or flavour cocoa met on 18 January 2008 in London to review Annex “C” of the International Cocoa Agreement, 2001. This Annex provides an overview of the producing countries that are recognized as exporting either exclusively or partially fine or flavour cocoa. The list of countries exporting fine or flavour cocoa was last reviewed by the International Cocoa Council at its 71st regular session in March 2005.

The meeting of the Panel, chaired by Mr. Edward Seguine of Guittard Chocolate Company, consisted of two parts. In the first part, the main countries concerned  – Ecuador, the Dominican Republic, Papua New Guinea and Trinidad & Tobago – presented their cases to the Panel. The second part of the meeting was devoted to an intensive discussion by the Panel on the situation in each of the countries under consideration.

The most important recommendations made by the Panel were:

1 – For the first time, the Dominican Republic was recognized as a fine or flavour cocoa producing country, with a recommended share of 40% of fine or flavour cocoa exports.

2 – Following a decrease to 25% in 2005, Papua New Guinea’s share was reinstated to 75% of fine or flavour cocoa exports, the same level as in 1993.

3 – Ecuador maintained its 75% share of fine or flavour cocoa exports.

4 – Trinidad & Tobago also maintained its 100% share of fine or flavour cocoa exports.

The Panel recommended that a further review of Annex “C” of the International Cocoa Agreement, 2001 should take place in January 2009.

The International Cocoa council will decide on the recommendations made by the Panel at its 77th regular session in may 2008 (see related document).

At its 31st Special Session, the International Cocoa Council, chaired by Ms. Irina Medvedeva, took five important decisions on the future of the Organization related to the extension of the International Cocoa Agreement 2001, the extension of the mandate of the Executive Director, the establishment of a Working Group for the negotiation of a future International Cocoa Agreement, the extension of the lease of the offices of the Secretariat in London and relocation (more information will follow on this website).

Members of the Executive Committee deliberated on personnel, administrative, projects and budgetary matters. The next ICCO meetings will take place in Berlin from 26-30 May 2008. During the meetings, the German delegates informed members of details and logistics for the May meetings.

The Expert Group on Stocks thanked the Secretariat for presenting the results of the annual ICCO survey of cocoa beans stocks in warehouses and the assessment of the level of world stocks of cocoa beans as at 30 September 2007. Ms. Pamela Thornton (CMAA) made a presentation on data on warehouse stocks and Mr. Robin Dand (LIFFE) on the development of the new LIFFE Guardian commodity management system.

The ICCO Consultative Board on the World Cocoa Economy met on 14 January 2008 and discussed several issues, including the outcome and the follow-up of the Round Table in Accra, the use of cocoa butter substitutes, optimal export taxes, and best known practices in cocoa production.

A Panel of experts on Fine and Flavour Cocoa, chaired by Mr. Edward Seguine of Guittard Chocolate , took place on 17 January 2008 to review the Annex “C” of the International Cocoa Agreement, 2001 (more information will follow on this website).

The current review reports on price movements on the international markets for the month of December 2007.  Chart I illustrates price movements on the London (LIFFE) and New York (ICE Futures U.S.) markets.

Chart II shows the evolution of the ICCO daily prices denominated in U.S. dollars and SDRs for the period from October to December 2007.  Chart III illustrates the link between New York futures prices and the exchange rate of the U.S. dollar against the Pound Sterling.  Chart IV shows the end-of-month stocks in licensed warehouses in the United States and the arbitrage spread between the LIFFE and ICE futures markets.