2021 Cocoa Stocks Increase Significantly by 449,000 Tons

The International Cocoa Organization (ICCO) recently released the latest report on global cocoa stocks 2021, including importing countries, exporting countries, producers, carryover stocks and total global stocks. The details are shown in the following table:

 September 30, 2021September 30, 2020September 30, 2019
Stocks in cocoa importing countries1,1069871,011
Stocks in cocoa exporting countries256171215
Manufacturer’s stocks957577
Carry forward stocks1078183
Total global stocks1,7641,3151,385
2019-2021 Cocoa Stocks (Unit of measurement: thousand tons)

It can be seen from the table that the total global cocoa stocks in 2021 have increased significantly by 449,000 tons, an increase of 34.14%. This is mainly due to the increase in cocoa production in Côte d’Ivoire and Ghana in 2021 and the reduction in global cocoa consumption demand under the epidemic.

2021 Cocoa Stocks Increase
2021 Cocoa Stocks Increase

Global cocoa production was stable in 2020/21, with production soaring by around 10% to an all-time high of 5.2 million tonnes. Favorable climatic conditions in West Africa have boosted production in the world’s two largest cocoa producers, Côte d’Ivoire and Ghana, and Nigeria.

In addition, the COVID-19 outbreak is expected to continue to impact cocoa demand. In recent months, many countries and regions are still experiencing a new wave of coronavirus outbreaks and imposed lockdown restrictions again. The Economist Intelligence Unit estimates that cocoa consumption in 2020/21 will gradually recover from a 3.9% decline in consumption in 2019/20, with an increase of only 0.9%.

The world’s three largest cocoa-producing countries, Côte d’Ivoire, Ghana and Nigeria, are all expected to experience lower production due to the weather, affecting global cocoa production.

Although the market expects global cocoa production to decrease this year, higher inventories will continue to weigh on cocoa futures prices.

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