Abidjan, 23 February 2023 – The International Cocoa Organization releases the Cocoa Market Report for January 2023. The current report highlights the following insights:

  • Grindings data published by the main regional cocoa associations for the first quarter of the 2022/23 cocoa season indicated that cocoa processing activities decreased in the main cocoa-consuming regions namely Europe, South-East Asia, and North America.
  • Cocoa production in Côte d’Ivoire since the start of the 2022/23 cocoa year is reported to have now settled below last season’s level at 1.650 million tonnes as at 19 February 2023, merely down by 0.5% compared with 1.659 million tonnes recorded at the same period of the 2021/22 season.
  • Compared to their settlement values recorded at the beginning of January 2023, prices of the first position cocoa futures contract increased on both sides of the Atlantic, moving up by 2% from US$2,450 to US$2,495 per tonne and by 1% from US$2,568 to US$2,582 per tonne in London and New York respectively.

You can download the complete report by clicking here.


Abidjan, 26 January 2023. The ICCO Expert Working Group on Stocks (EWGS) met today, Thursday 26 January 2023 to review the level of world cocoa bean stocks. The EWGS is composed of experts in the cocoa field who meet once a year, at the invitation of the ICCO, to review and analyse the results of the ICCO’s annual survey of cocoa bean stocks held in European warehouses as well as assess the level of global cocoa bean stocks. The survey is conducted every year (since 2000) and aims to improve transparency in the cocoa market.


Stocks in cocoa importing countries 983 1,101 1,199
Stocks in cocoa exporting countries 214 312 *** 201 ****
Stocks in South-East Asia 199 223
Total identified stocks 1,187 ** 1,606 1,620
Manufacturers’ stocks 71 92 91
Cocoa beans in transit 81 108 75
Total estimated world cocoa bean stocks 1,350 ** 1,811 1,788
Total identified world stocks as a percentage of total estimated world stocks 88% 89% 91%
Total identified stocks as a percentage of statistically-derived stocks 69% 83% 100%
ICCO statistically-derived stocks* 1,719 1,928 1,622

Notes: Totals may differ from sum of constituents due to rounding

* Published in the ICCO Quarterly Bulletin of Cocoa Statistics, Volume XLVIII, No. 4, Cocoa Year 2021/22

** Do not include stocks data from South-East Asia

*** Do not include data from Brazil

**** Do not include data from Brazil and Togo

The EWGS notes that the statistically-derived stock is now lower than the estimated world cocoa beans stock identified through the survey.

The EWGS will meet with the ICCO Secretariat to review and if necessary revise the ICCO statistically derived stocks. While the ICCO Secretariat maintains, so far, its supply deficit estimate of 306,000 tonnes for 2021/22 as published in its latest QBCS, it may revise that figure in due course taking into account the outcome of this discussion.

For more information, please contact Carlos Follana, Marketing and Communication Coordinator, International Cocoa Organization, ICCO Building, II Plateaux ENA – Avenue Boga Doudou, Abidjan, Côte d’Ivoire; Tel: +225 22 51 49 50/51 | Fax: +225 22 51 49 79 | E-mail: Carlos.Follana@icco.org

Abidjan, 16 January 2023 – The International Cocoa Organization releases the Cocoa Market Report for December 2022. The current report highlights the following insights:

  • Halfway through the 2022/23 main crop, the crop output in the two top world cocoa producers i.e., Côte d’Ivoire and Ghana, is higher than the levels recorded during the corresponding period of the previous season
  • Cocoa merchants and producers increased their net short positions on both sides of the Atlantic over October – December 2022
  • At the approach of the expiration date of the DEC-22 contract, the London market was in a strong backwardation while the New York one was in contango

You can download the complete report by clicking here.


Abidjan, 13 December 2022 – The International Cocoa Organization releases the Cocoa Market Report for November 2022. The current report highlights the following insights:

  • The 2021/22 cocoa season ended with a supply deficit of 306,000 tonnes.
  • Growing conditions for the ongoing main crop of the 2022/23 season are generally good in
    West Africa, hence boding well for the region’s cocoa production.
  • However, the demand side of the market seems uncertain given that the slowdown in the global economy and inflationary impact on raw materials, combined with exorbitant energy prices in Europe, which is the leading region for cocoa processing, are likely to take a toll on the operations of cocoa processors.
  • Total stocks of cocoa beans in the Exchange-licensed warehouses are higher year-over-year on both sides of the Atlantic.
  • The nearby cocoa futures contract traded on a positive note during November in both London and New York. In London, cocoa futures prices increased substantially by 16% from US$2,211 to US$2,559 per tonne whereas in New York they moved up by 3% from US$2,352 to US$2,433 per tonne.

You can download the complete report by clicking here.


Abidjan, 30 November 2022 – The International Cocoa Organization today releases its revised estimates for the 2020/21 and 2021/22 cocoa years of world production, grindings, and stocks of cocoa beans, summarized below. The data published in Issue No. 4 – Volume XLVIII – Cocoa Year 2021/22 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of November 2022.

For this issue, several revisions have been made to the 2021/22 cocoa balance sheet. On the supply side, the production estimate has been adjusted downwards by 67,000 tonnes to 4.823 million tonnes, almost 1% lower than the estimate of 4.890 million tonnes presented in the previous Bulletin. A lower yield resulting from less conducive weather conditions and diseases in most of the major producing countries underlined the downward revisions.

On the demand side, compared to 5.071 million tonnes in the previous Bulletin, grindings have been adjusted higher by almost 10,000 tonnes to 5.081 million tonnes based on an increased use of beans as reflected in the trade of cocoa products. Notwithstanding the challenges of the global macroeconomy, global cocoa demand held up in 2021/22– from an estimate of 4.981 million tonnes in 2020/21 to 5.081 million tonnes in 2021/22, which reflects a 2% year-on-year increase.

Summary of forecasts and revised estimates


Cocoa year
2020/2021 2021/2022 Year-on-year change
estimates a/
(thousand tonnes) (Per cent)
World gross production 5 242 4 890 4 823 – 419 – 8.0%
World grindings 4 981 5 071 5 081 + 100 + 2.0%
Surplus/deficit b/ + 209 – 230 – 306
End-of-season stocks 1 928 1 683 1 622 – 306 – 15.9%
Stocks/Grindings ratio 38.7% 33.2% 31.9%

a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLVIII – No. 3 – Cocoa year 2021/2022
b/  Surplus/deficit: net world crop (gross crop adjusted for 1% loss in weight) minus grindings. Totals may differ due to rounding.


Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2018/19 to 2020/21 and quarterly statistics for the period October-December 2020 to April-June 2022. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.

Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: https://www.icco.org/categorie-produit/qbcs/ or by email: statistics.section@icco.org

Abidjan, 15 November 2022 – The International Cocoa Organization releases the Cocoa Market Report for October 2022. The current report highlights the following insights:

  • In Côte d’Ivoire, the floods are reported to have restricted the transportation of cocoa beans from the farms to the ports and could be the reason for the year-on-year cocoa arrivals seen during the first few weeks of the 2022/23 season at the country’s ports of exports.
  • In neighbouring Ghana, while no fresh data were available on the level of volumes of graded and sealed cocoa beans for the 2022/23 season, the situation is being closely monitored as the country recorded a drastic cut in production compared to last season.
  • For the 2021/22 cocoa season, cocoa processing activities increased year-on-year in Europe and Southeast Asia, whereas they dropped in North America.
  • During October 2022, cocoa futures prices were lower year-on-year on both sides of the Atlantic.

You can download the complete report by clicking here.


Abidjan, 04 November 2022. Vacancy notice – Economist

Title: Economist

Category/ Grade: Internationally recruited staff, P1 on the UN salary scale

Duty station: Abidjan

Type of contract: Fixed Term (5 years with 6-month probationary period)

Deadline for application: 05/12/2022 (Midnight Abidjan Time)

Indicative starting date: 01/04/2023 (date when the selected candidate is expected to be available to take up her/his position in Abidjan)

Recruitment open to: nationals of ICCO Member countries (please see full list on https://www.icco.org/who-we-are/membership/)

Applications (only CV & Covering letter) to be sent to: recruitment@icco.org copy to ExecDir.Office@icco.org




Abidjan, 21 October 2022 – The International Cocoa Organization releases the Cocoa Market Report for September 2022. The current report highlights the following insights:

  • Down the road from the previous months of the 2021/22 season, cocoa prices further continued their decline in September 2022.
  • The producer price of cocoa beans for the main crop of the 2022/23 season in Côte d’Ivoire was announced at 900 XOF/kg, which is equivalent to US$1,364 per tonne while in Ghana, cocoa farmers are expected to receive 12,800 Ghana cedis per tonne or US$1,251 per tonne for their cocoa beans.
  • The rising costs of production factors having a higher impact on the cocoa processing and chocolate manufacturing process have by far outweighed the reduction in cocoa prices.

You can download the complete report by clicking here.


Abidjan, Côte d’Ivoire, 30 september 2022, The International Cocoa Council, at its 106th regular session held from 27 – 29 September 2022, adopted the amended International Cocoa Agreement (ICA), 2010 and commits it to all the contracting parties to the Agreement for their acceptance of the amendments.

The amended ICA, 2010, which is a culmination of the review of the implementation of the current Agreement and the need for it to be more forward-looking and better adapted to meet current challenges facing the world cocoa economy, includes some major changes as follows:

  1. An indefinite duration of the Agreement (subject to review every five years), to bring more stability and sustainability to initiatives implemented under the Agreement.
  2. Realignment of the provisions of the Agreement with the Sustainable Development Goals (SDGs) to ensure an accelerated development of the world cocoa economy.
  3. Introduction of a key objective in the Agreement with respect to achieving a living income for cocoa farmers and a reference to remunerative prices to reach economic sustainability.
  4. Three new articles outlining specific measures to be carried out under the economic, social, and environmental pillars of sustainability.
  5. Reinvigorating attention on value addition, premium quality, and food safety.
  6. Supporting research and innovation in the cocoa value chain and expanding cooperation with more donor agencies for financing of cocoa development projects.

With the above-mentioned and other changes, the amended ICA, 2010 is now more suitable to address emerging challenges in the world cocoa economy and a veritable tool for the development of national cocoa sectors.

The contracting parties to the ICA, 2010 must now complete their internal procedures to prepare and deposit a letter of notification of their acceptance of the amended Agreement with the Secretary-General of the United Nations in his capacity as the Depository of the Agreement.

Once the required number of exporting and importing Member countries of the Organization have accepted the amendments, the amended ICA, 2010 is expected to become effective by 1 October 2024.

Abidjan, Côte d’Ivoire, 30 September 2022. The International Cocoa Organization is pleased to announce that the next meeting of the ICCO Expert Panel on fine flavour cocoa will be held in Madagascar in June 2023.

Following talks held on 29 September at the Organization’s headquarters in Abidjan, Côte d’Ivoire, the 52 Member countries of the ICCO decided by consensus to accept Madagascar’s bid to host the meeting of the Panel on fine flavour cocoa.

This decision was proudly and enthusiastically welcomed by the Madagascar delegation, led by Mr. Razafindravahy, Minister of Industrialization, Trade and Consumer Affairs and President of Madagascar’s National Cocoa Council (CNC). The International Cocoa Council, chaired by H. E. Mrs. Lugon-Moulin, Ambassador of Switzerland to Côte d’Ivoire, highlighted the relevance of Madagascar’s dossier and the quality of the Minister’s presentation.

Commenting on the decision, Mr. Fontayne, Vice-President of the CNC, remarked: “Madagascar is certainly proud to be hosting this meeting, but above all it is an international event that must involve all those countries and all those cocoa farmers who are constantly working to improve quality, one of the surest ways to improve farmers’ incomes”.

The Expert Panel, meeting in June 2023, will update the list of countries appearing in Annex “C” of the International Cocoa Agreement, 2010, and review their percentage exports of fine flavour cocoa. This Panel, whose membership was renewed by the Council in 2021, will comprise twelve experts from the private and public sectors, representing the main cocoa producing and consuming regions.

At the Panel’s last meeting in 2019, a total of 25 cocoa-producing countries were classed as exclusively or partially producing “fine flavour” cocoa, characterised by a complex sensory profile with balanced and distinctive aromatic notes.

Though only accounting for around 12% of world exports, the fine cocoa sector is growing faster than the traditional cocoa sector and commands higher market prices, thereby improving farmers’ incomes and enhancing the sustainability of the cocoa sector, in line with the objectives set out in the ICCO’s strategic action plan.