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Cocoa is probably best known today as the raw material for chocolate, which uses approximately 90 percent of the world’s cocoa production.
On average, over 3 million tons of cocoa beans are produced each year.
Côte d'Ivoire and Ghana are the two largest exporters of cocoa accounting for over 60 percent of global cocoa exportation followed by Ecuador with seven percent. Indonesia is the biggest cocoa producer in Asia.
Cocoa production and exportation have been continuously increasing over the past 40 years. Up to 95 percent of cocoa beans cultivated are traded on global commodity markets.
Europe is the leading processor of cocoa beans. Close to 40 percent of the annual harvest of the commodity is exported to Europe.
Almost half of the global cocoa consumption is linked to Europe followed by the United States of America.
The top cocoa exporting countries are:
- Cote d'Ivoire
- Ghana
- Cameroon
- Equador
- Nigeria
In 2020, the countries that had the largest trade value in exports of Cocoa Beans were Cote d'Ivoire with over 3.84 billion dollars, Ghana with over 1.58 billion dollars, Nigeria with over 715 million dollars, Ecuador with over 668 million dollars, and Cameroon with over 647 million dollars respectively.
In 2020, the cocoa export market was valued at 6.22 billion dollars.
Ivory Coast is the largest exporter of cocoa with average annual revenue of 2.7 billion dollars from the exportation of the commodity. Ivory Coast also doubles as the world's largest producer.
Next to the Ivory coast in the ranking of top exporters of cocoa beans in Ghana. Ghana exports close to an average of 14.17 percent of the total exportation of the commodity valued at 881.0 million dollars.
Cameroon is the third highest exporter of the commodity, exporting 8.78 percent of total global exportation valued at 545.8 million dollars.
Ecuador follows Cameroon with 7.4 percent of the total global exportation valued at 460.4 million dollars.
Nigeria is the fifth-highest exporter of cocoa beans. Nigeria is responsible for 5.71 percent of total global export annually valued at 355.2 million dollars.
In sharp contrast, the world's highest importer of the commodity, the Netherlands is ranked, the sixth-highest exporter. Netherland exports cocoa quantity valued at 218.6 million dollars. This accounts for 3.52 percent of global cocoa exportation.
The Dominican Republic holds the seventh position firmly with average annual exportation valued at 157.9 million dollars. The Dominican Republic is responsible for 2.54 percent of the world's cocoa export.
France is ranked as the eighth-highest exporter with an export value of 129.6 million dollars contributing 2.08 percent of the total global exportation of the commodity.
Latin American country, Peru rakes in 110.7 million dollars on average on an annual basis from the exportation of cocoa beans. Peru has a 1.78 percent stake in the cocoa export market.
The tenth highest exporter of the commodity is Uganda. Uganda's exportation of cocoa beans is valued at 99.1 million dollars.
The annual exportation of Cocoa beans from the ivory coast to the Netherlands is valued at 1.1 billion dollars. Cocoa beans trade flow from ivory cost to the United States is valued at 522.32 million dollars. The annual exportation of cocoa beans between Cameroon and the Netherlands is valued at 457.40 million dollars.
The trade flow of cocoa beans between the Ivory Coast and Germany is valued at 268.35 million dollars.
Ghana and the Netherlands trade 234.67 million dollars annually on cocoa beans.
The export value of cocoa beans from Nigeria to the Netherlands is valued at 197.45 million dollars. Ecuador's exports of cocoa beans to the United States annually are valued at 188.43 million dollars.
Ivory Coast rakes in 168.24 million dollars annually from the exportation of cocoa beans to Canada.
The United Kingdom splashes an average of 156.64 million dollars on the importation of cocoa beans annually from Ivory Coast.
Ghana's trade flow of cocoa beans to the United States is valued at 143.76 million dollars.
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Conclusion
Cocoa production and exportation have been continuously increasing over the past 40 years. Ivory Coast is the largest exporter of cocoa with average annual revenue of 2.7 billion dollars from the exportation of the commodity. Nigeria is responsible for 5.71 percent of total global export annually valued at 355.2 million dollars. France is ranked as the eighth-highest exporter of cocoa with an export value of 129.6 million dollars contributing 2.08 percent of the total global exportation of the commodity. The annual exportation from Ivory Coast to the United States is valued at 522.32 million dollars.
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