Plummeting Cocoa Butter Prices in South Africa

Plummeting Cocoa Butter Prices in South Africa

In July 2023, the import price of cocoa butter in South Africa dropped by 16.3% to $4,709 per ton, marking a significant decrease compared to the previous month. Over the last year, the price of cocoa butter in South Africa has been steadily increasing at an average monthly rate of 1.4%, with the highest growth rate observed in April 2023 when the average import price rose by 33%. However, in June 2023, the import price reached its peak at $5,628 per ton before experiencing a sharp decline in the following month. The average prices of cocoa butter varied among the major supplying countries, with Singapore having the highest price of $7,184 per ton in July 2023, while Indonesia had one of the lowest prices at $4,350 per ton. Singapore also experienced the most notable rate of price growth from July 2022 to July 2023, with an increase of 5.3%, while the other major suppliers had more modest growth rates. In terms of imports, South Africa witnessed a significant decrease of 21.8% in overseas purchases of cocoa butter in July 2023, amounting to 179 tons. This decline put an end to a two-month rising trend, although there was a remarkable 206% increase in June 2023. The value of cocoa butter imports also contracted sharply to $844K in July 2023, with a drastic 247% increase recorded in June 2023. Indonesia was the largest supplier of cocoa butter to South Africa in July 2023, accounting for 78% of total imports with 140 tons. This volume exceeded the second-largest supplier, Cote d'Ivoire, by sevenfold. Indonesia also constituted the largest supplier in terms of value, comprising 72% of total imports with $609K. From July 2022 to July 2023, Indonesia showed an average monthly growth rate of 1.3% in terms of volume and 2.3% in terms of value.

Source: IndexBox Market Intelligence Platform

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