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Last year, cocoa prices surged due to a shortage caused by an unusually wet rainy season and a viral cocoa disease that significantly impacted the 2023/2024 harvest in West Africa. However, the outlook for this year is more optimistic. According to the International Cocoa Organization (ICCO), the 2024/2025 harvest is expected to show a surplus after three years of deficits.

The global cocoa market depends heavily on West Africa, particularly Côte d'Ivoire, Ghana, Nigeria, and Cameroon, which together produce nearly 65 percent of the world’s cocoa. Most of this cocoa is exported to Europe and North America for processing and consumption. The EU alone accounts for 60 percent of global cocoa imports, with the Netherlands, Germany, and Belgium importing about a quarter of the world's supply. The U.S. and Canada collectively import around seven percent.

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