Global Cocoa Prices Reach Record Highs, Colombian Farmers Shift from Coca to Cocoa

As cocoa prices soar due to supply issues, Colombian farmers are increasingly turning to cocoa cultivation, seeing it as a more profitable and sustainable alternative.

• Cocoa prices have surged to a record $10,000 per ton on the New York Mercantile Exchange, driven by poor harvests in major producing countries and a global cocoa deficit estimated between 300,000-500,000 tons.
• Colombian farmers, historically engaged in coca cultivation, are transitioning to cocoa as international buyers seek alternatives, boosting the local economy and offering a path away from illicit crops.
• Despite the price hike, the increase in cocoa costs is not expected to significantly impact chocolate prices for consumers, with calculations suggesting only a minor rise in costs for chocolate products.
• The surge in cocoa prices presents an opportunity for Colombian farmers to invest in sustainable practices and organic certification, aligning with global demand for high-quality, ethically produced cocoa.
• Government initiatives in Colombia, alongside international aid, are supporting the transition from coca to cocoa cultivation, aiming to improve living conditions in rural areas and contribute to peace efforts.

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EL PAÍS CNBC The Conversation