March Cocoa Seed Reference Price Strengthens 24.18 Percent

Farmers show cocoa beans on the sidelines of the launch of The Landscape Approach to Sustainable and Climate Change Resilient Cocoa and Coffee Agroforestry (LASCARCOCO) in Cibodas, Tangerang, Banten, Wednesday (31/5/2023). (DOC. BETWEEN PHOTOS)

JAKARTA - The Ministry of Trade (Kemendag) said that the reference price (HR) for cocoa beans for the March 2024 period was set at 5,396.52 US dollars per metric ton (MT) or rose 24.18 percent compared to the previous month of 4,345.70 US dollars per MT.

Director General of Foreign Trade of the Ministry of Trade Budi Santoso said this strengthening had an impact on increasing the price of cocoa beans (HPE) in March 2024 to 5,034 US dollars per MT, up 1,022 US dollars or 25.47 percent from the previous period.

"The increase in HPE and cocoa beans, among others, is influenced by an increase in demand that is not balanced with increased production, especially in producing countries in Africa, such as Ivory Coast, Ghana, and Nigeria due to the El Nino phenomenon," Budi said in a statement in Jakarta, as reported by ANTARA, Saturday, March 2.

Furthermore, the increase in HPE and cocoa beans was also influenced by the policy of the Ivory Coast Government which stopped sales due to production from continuing to decline and the weakening of the US dollar exchange rate.

On the other hand, HPE skin products for the period March 2024 did not change from the previous month. Meanwhile, HPE wood products for the period March 2024 experienced an increase in several types of wood, namely Veneers from forest plants, saw wood with a cross section area of 1,000-4,000 mm2 of other types of fiber and teak.

Meanwhile, the HPE of sawwood with a cross section area of 1,000-4,000 mm2 of the type of odor and from the forest, the type of sengon has decreased. The determination of the HPE of cocoa beans, skin products, and wood products is listed in the Decree of the Minister of Trade Number 198 of 2024.