Abidjan, Côte d’Ivoire, 6 October 2023. The International Cocoa Organization (ICCO) held the 108th session of its Council from October 2 to 6 in Abidjan, Côte d’Ivoire, under the chairmanship of Mr. Abel Fernandez of the Dominican Republic, during the same week as the Organization’s 50th anniversary celebration.
Throughout this meeting, held at the Palm Club Hotel in Abidjan in a 100% face-to-face meeting format for the first time after 3 years of remote participation, the Members of ICCO engaged in a productive exchange of views and made important contributions to analyze the latest developments in the global cocoa economy. Some of the key topics discussed during the week included:
- Election of a new Chairman of the International Cocoa Council, Mr. Rafael Soriano, Ambassador of Spain to Côte d’Ivoire
- Update on the next World Cocoa Conference to be held at The Square, Brussels, 21-24 April 2024.
- Update on the latest developments of the world cocoa market.
- Update of the Annex C (Fine Flavour Cocoa) of the International Cocoa Agreement, 2010
The next 109th International Cocoa Council will be held in April 2024 in Brussels, Belgium, following the celebration of the 5th edition of the World Cocoa Conference to be held from 21 to 24 April 2024.
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On 3 October 2023, the International Cocoa Organization (ICCO) celebrated its 50th anniversary at a ceremony held in Abidjan, Côte d’Ivoire, to mark half a century of commitment to sustainable growth in the cocoa sector and a living income for cocoa farmers worldwide.
The event, attended by over 1,000 guests, was graced by the presence of the President of the Republic of Côte d’Ivoire, His Excellency M. Alassane OUATTARA, and His Excellency M. Nana AKUFFO-ADDO, President of the Republic of Ghana.
Patrick ACHI, Prime Minister, Head of Government of Côte d’Ivoire, the Presidents of Institutions, Dr. Souleymane DIARRASSOUBA, Minister of Trade, Industry and SME Promotion, other Members of the Ivorian Government and the Director General of the Côte d’Ivoire Coffee-Cocoa Council also played an active part in this event.
Representatives of the ICCO’s 52 Member countries, the Diplomatic Corps, international organisations, civil society and the local and international private sector came together to voice their support for the Organization’s work.
Professor Chalmin of Paris Dauphine University gave a lecture entitled “The ICCO, the sustainability of the world cocoa economy and a living income for producers”.
This 50th anniversary celebration provided a chance not only to look back on the Organization’s achievements but also to reflect on the future challenges facing the cocoa sector.
Established in 1973 under the auspices of the United Nations Conference on Trade and Development, and operating through successive International Cocoa Agreements, the ICCO has played a major role in advocating the sustainability of the cocoa sector and a living income for producers.
Over the years, the Organization has become a reference centre and source of statistical information on the world cocoa economy, facilitating policy dialogue and international cooperation between its exporting and importing Members, as well as with private sector players.
Initially based in London, the International Cocoa Council – the Organization’s supreme decision-making body – voted in favour of relocating to Abidjan in 2017, at the invitation of the government of Côte d’Ivoire.
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Abidjan, 28 September 2023 – The International Cocoa Council and subsidiary bodies, including the Consultative Board on the World Cocoa Economy and the Economics and Administration and Finance Committees, will meet from 02 to 06 October, 2023.
This information is restricted to ICCO Members. Please go to Member area for more information.
Timetable of Meetings, 02-06 October 2023, Abidjan, Côte d’Ivoire
|46th Consultative Board (Monday, 02 October)
09:00 – 17:00 GMT
|Official celebration of the 50th anniversary (Tuesday, 03 October)
09:00 – 13:30 GMT / Gala Dinner 19:00 – 22:30
|Opening of the 108th International Cocoa Council and 21st Economics Committe (Wednesday, 04 October)
09:00 – 17:00 GMT
|21st Economics Committe, 24th Administration and Finance Committee* and 108th International Cocoa Council (Thursday, 05 October)
09:00 – 17:00 GMT
| 108th International Cocoa Council (Friday, 06 October)
09:00 – 17:00 GMT
Abidjan, 19 September 2023 – The International Cocoa Organization releases the Cocoa Market Report for August 2023. The current report highlights the following insights:
- Price rallies in August were influenced by the decline in supplies for the current season as well as concerns for the upcoming 2023/24 season.
- The front month futures prices averaged US$3,453 per tonne and ranged between US$3,323 and US$3,730 per tonne in London. In New York, the average price was US$3,416 per tonne and ranged between US$3,269 per tonne and US$3,633 per tonne.
- A year ago, the front-month prices were at an average of US$2,041 per tonne London and settled at an average of US$2,369 per tonne in New York.
- Month of August witnessed high premiums.
- Should we expect a repeat of chocolate shrinkflation as manufacturers grapple with high prices of cocoa beans?
- Or will the soaring cost of cocoa be passed on to consumers and will we see more pushbacks from retailers if manufacturers increase their prices?
You can download the complete report by clicking here.
Abidjan, 31 August 2023 – The International Cocoa Organization today releases its revised forecasts for the 2022/23 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for the 2021/22 cocoa year. The data published in Issue No. 3 – Volume XLIX – cocoa year 2022/23 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of August 2023.
The commentary of the Bulletin highlights that the 2022/23 season is contending with faltering production, growth in demand and relatively high prices.
The turnaround in grinding activities in origin countries has supported the growth in global grindings. Nevertheless, this is not enough to offset the negative grindings in the traditional consuming regions. An observation pointed out in the Bulletin is that there are more exports of semi-finished products from top producing countries to Europe, Southeast Asia and North American Free Trade Agreement (NAFTA) countries.
Cocoa prices, in turn, have garnered more support from the combination of the current cocoa supply and demand situation and are hovering at high levels. A review of price developments on international markets for cocoa beans during the April-June quarter of 2023 is also presented.
Summary of forecasts and revised estimates
|(thousand tonnes)||(Per cent)|
|World gross production||4 826||4 980||4 938||+ 112||+ 2.3%|
|World grindings||4 994||5 072||5 005||+ 11||+ 0.2%|
|Surplus/deficit b/||– 216||– 142||– 116|
|End-of-season stocks||1 843||1 632||1 727||– 116||– 6.3%|
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLIX – No. 2 – Cocoa year 2022/23
b/ Surplus/deficit: net world crop (gross crop adjusted for 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 crop year data from 2019/20 to 2021/22 and quarterly statistics for the period July-September 2021 to January-March 2023. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided.
Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.
The International Cocoa Organization (ICCO) is an inter-governmental organization established in 1973 under the auspices of the United Nations and operating within the framework of successive International Cocoa Agreements.
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