U.S. Cocoa Paste Imports to U.S. Experience a $35M Decline, Decreasing by 33% in June 2023

U.S. Cocoa Paste Imports to U.S. Experience a $35M Decline, Decreasing by 33% in June 2023

U.S. Cocoa Paste Imports

In June 2023, the volume of cocoa paste imported into the United States significantly reduced to 9.9K tons, representing a decline of 31% compared to the previous month. Throughout the analyzed period, imports showed a noticeable decrease. The most substantial growth rate was recorded in January 2023, when imports rose by 69% compared to the previous month, reaching a peak of 17K tons. From February to June 2023, import growth remained relatively lower.

In terms of value, cocoa paste imports in June 2023 contracted significantly to $35M, according to estimates from IndexBox. Overall, imports displayed a relatively stable trend pattern, with the most notable growth rate occurring in January 2023 with a 68% month-on-month increase.

U.S. Cocoa Paste Imports By Country (Million USD)

Imports by Country

In June 2023, Cote d'Ivoire was the largest supplier of cocoa paste to the United States, accounting for 49% of total imports with 4.9K tons. Additionally, cocoa paste imports from Cote d'Ivoire were three times higher than those from the second-largest supplier, Ghana (1.6K tons). Ecuador ranked third, contributing 8.7% to total imports with 860 tons.

From June 2022 to June 2023, the average monthly volume growth rate from Cote d'Ivoire was -1.9%. The other supplying countries observed the following average monthly import growth rates: Ghana (-0.4% per month) and Ecuador (+1.6% per month).

In terms of value, Cote d'Ivoire was the largest supplier with $17M, representing 48% of total imports. Ghana ranked second with $5M, accounting for 14% of total imports, followed by Ecuador with a 12% share.

From June 2022 to June 2023, the average monthly value growth rate from Cote d'Ivoire was -1.2%. The other supplying countries experienced more modest growth rates: Ghana (-0.1% per month) and Ecuador (+2.9% per month).

Import Prices by Country

In June 2023, the price of cocoa paste stood at $3,560 per ton (CIF, US), representing a 2.3% decrease compared to the previous month. Over the last twelve months, the price increased at an average monthly rate of 1.2%. The most significant growth rate occurred in May 2023, with a monthly increase of 9.6%. Consequently, the import price reached its peak at $3,643 per ton, followed by a decline in the subsequent month.

There were notable differences in average prices among the major supplying countries. Ecuador had the highest price at $4,791 per ton, while Indonesia had one of the lowest prices at $2,654 per ton.

From June 2022 to June 2023, Nigeria experienced the most substantial price growth at 4.9%, while the other major suppliers had more moderate growth rates.



Source: IndexBox Market Intelligence Platform

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