Value of cocoa imports has almost doubled since last year

The total value of cocoa imported into the Netherlands in Q1 2024 was 1.3 billion euros. That is 0.6 billion euros more than in Q1 2023. The volume of cocoa imported was up by 32 percent, and cocoa prices were also higher. In Q1 2024, the average price of cocoa and cocoa products was 40 percent higher than in the same period last year. In Ivory Coast and Ghana, two of the main sources of cocoa imports, the harvest has been worse than usual due to heavy rain. This has led to more diseases in agricultural crops, such as cocoa trees. Imports from both countries were up in Q1 2024 compared to Q1 2023, but grew by less than total imports.

Most cocoa imported from Ivory Coast, but exports from other countries also on the rise

In Q1 2024, 41 percent of cocoa imports by value came from Ivory Coast. Cameroon was in second place, with 17 percent of the total import value, with Ghana completing the top three at 11 percent. Even though the import value of cocoa from Ivory Coast and Ghana (the two countries where problems with the cocoa harvest occurred) increased by 40 and 35 percent, respectively, the share of cocoa imports of these two countries actually declined. Meanwhile, Nigeria, Ecuador and Peru saw their shares increase. Even so, Ivory Coast remains the Netherlands’ most important cocoa supplier by far.

The Netherlands is the largest importer of cocoa in the EU

In total, the countries of the European Union (EU) imported cocoa worth 4.5 billion euros in Q1 2024. The Netherlands imported more cocoa than any other EU country, with 30 percent of total cocoa imported into the EU. That share was 25 percent in Q1 2023. Germany's share of cocoa imports into the EU was 22 percent, while Belgium’s was 14 percent. Ivory Coast was the EU’s main source of cocoa in Q1 2024, just as it was for the Netherlands. Interestingly, the Netherlands is the second-largest supplier of cocoa to other EU countries, after Ivory Coast. These exports mainly involve processed cocoa products. These products are then exported to other EU countries in the EU after processing. Virtually all cocoa that is imported into the Netherlands was purchased for use by companies located in the Netherlands. Only 5 percent of cocoa (by value) was in transit.