Abidjan, 18 March 2022 – The International Cocoa Organization releases the Cocoa Market Report for February 2022. The current report highlights the following insights:
- The importation of cocoa beans and cocoa semi-finished products to Ukraine (40,000 tonnes in cocoa beans equivalent in 2020/21) and to the Russian Federation (165,000 tonnes in cocoa beans equivalent) are expected to decline in the rest of 2021/22 season in the midst the ongoing military drama.
- Trade disruption in Russia could affect global fertilizer availability and consequently global agriculture including cocoa production. Fertilizer trade will be affected as sanctions imposed on the Russian Federation and Belarus such as banking restrictions would hamper the payment of fertilizer sales. Thus, should this situation persist, cocoa smallholders who are already struggling with high prices of fertilizers will be unable to afford them.
- Notwithstanding the upward trend observed in prices during the first ten days of February 2022, the global cocoa market was bearish during February in reaction to concerns that the war in Ukraine and the subsequent economic sanctions announced by the West could cause a strong increase in prices of Russian-led commodities, including crude oil and gas, which in turn could negatively affect the global economy.
You can download the complete report by clicking here.