Colombia: Cocoa Market Overview 2020

Cocoa Market Size in Colombia

The revenue of the cocoa market in Colombia amounted to $X in 2018, picking up by X% against the previous year. Over the period under review, cocoa consumption continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% year-to-year. Over the period under review, the cocoa market reached its peak figure level at $X in 2016; however, from 2017 to 2018, consumption failed to regain its momentum.

Cocoa Production in Colombia

In value terms, cocoa production amounted to $X in 2018 estimated in export prices. In general, the total output indicated a conspicuous increase from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa production decreased by -X% against 2016 indices. The pace of growth appeared the most rapid in 2008 when production volume increased by X% y-o-y. Over the period under review, cocoa production attained its peak figure level at $X in 2016; however, from 2017 to 2018, production remained at a lower figure.

Average yield of cocoa (beans) in Colombia amounted to X kg per ha in 2018, dropping by -X% against the previous year. Overall, the cocoa yield continues to indicate a mild reduction. The growth pace was the most rapid in 2014 when yield increased by X% y-o-y. Cocoa yield peaked at X kg per ha in 2008; however, from 2009 to 2018, yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2018, the total area harvested in terms of cocoa (beans) production in Colombia amounted to X ha, increasing by X% against the previous year. Over the period under review, the total harvested area indicated a buoyant increase from 2007 to 2018: its figure increased at an average annual rate of +X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa harvested area increased by +X% against 2014 indices. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to cocoa production reached its maximum at X ha in 2013; however, from 2014 to 2018, harvested area stood at a somewhat lower figure.

Cocoa Exports

Exports from Colombia

In 2018, the cocoa exports from Colombia amounted to X tonnes, reducing by -X% against the previous year. Overall, cocoa exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2009 when exports increased by X% y-o-y. Over the period under review, cocoa exports reached their peak figure at X tonnes in 2015; however, from 2016 to 2018, exports failed to regain their momentum.

In value terms, cocoa exports totaled $X in 2018. Overall, cocoa exports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2009 with an increase of X% year-to-year. Over the period under review, cocoa exports attained their peak figure at $X in 2015; however, from 2016 to 2018, exports remained at a lower figure.

Exports by Country

Turkey (X tonnes), Malaysia (X tonnes) and Spain (X tonnes) were the main destinations of cocoa exports from Colombia, with a combined X% share of total exports. These countries were followed by Canada, Italy, the Netherlands, Belgium, the U.S., Mexico, Argentina, France and India, which together accounted for a further X 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by the U.S. (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa exported from Colombia were Turkey ($X), Malaysia ($X) and Spain ($X), together accounting for X% of total exports. These countries were followed by the U.S., the Netherlands, Italy, Canada, Belgium, Mexico, Argentina, India and France, which together accounted for a further X U.S. (+X% per year) experienced the highest rates of growth with regard to exports, among the main countries of destination over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa export price stood at $X per tonne in 2018, rising by X% against the previous year. In general, the cocoa export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. The export price peaked at $X per tonne in 2011; however, from 2012 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was the U.S. ($X per tonne), while the average price for exports to Spain ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands, while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Imports

Imports into Colombia

Cocoa imports into Colombia stood at X tonnes in 2018, coming down by -X% against the previous year. Overall, cocoa imports continue to indicate a drastic reduction. The growth pace was the most rapid in 2011 with an increase of X% y-o-y. Over the period under review, cocoa imports reached their maximum at X tonnes in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

In value terms, cocoa imports stood at $X in 2018. In general, cocoa imports continue to indicate a deep descent. The growth pace was the most rapid in 2010 when imports increased by X% year-to-year. Imports peaked at $X in 2011; however, from 2012 to 2018, imports remained at a lower figure.

Imports by Country

In 2018, Peru (X tonnes) constituted the largest supplier of cocoa to Colombia, with a X% share of total imports. Moreover, cocoa imports from Peru exceeded the figures recorded by the second-largest supplier, Venezuela (X tonnes), twofold. The Dominican Republic (X tonnes) ranked third in terms of total imports with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of volume from Peru stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Venezuela (-X% per year) and the Dominican Republic (-X% per year).

In value terms, Peru ($X), the Dominican Republic ($X) and Venezuela ($X) appeared to be the largest cocoa suppliers to Colombia, with a combined X% share of total imports.

The Dominican Republic experienced the highest rates of growth with regard to imports, among the main suppliers over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the average cocoa import price amounted to $X per tonne, growing by X% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of +X%. The growth pace was the most rapid in 2008 when the average import price increased by X% y-o-y. The import price peaked at $X per tonne in 2010; however, from 2011 to 2018, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was the Dominican Republic ($X per tonne), while the price for Venezuela ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by the Dominican Republic, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform