In Ecuador, cocoa producers are considered the new rich of the agricultural sector given the shift in their position in the global market, displacing leaders such as Ghana and the Ivory Coast, where crops are affected by pests and drought.
Faced with these unfortunate circumstances on the other side of the map, Ecuador is positioning itself in the cocoa market, with a positive rise in international prices.
Currently, a cocoa producer can receive $350 per quintal, or 100 kilos of cocoa, compared to previous years when they could receive as little as $100. It is known that the price of the “new gold” will begin to rise in 2023.
Last year, “the sector generated approximately $3.6 billion, $600 million more than the mining sector, in a country whose economy depends largely on the exploitation of natural resources.”
On the other hand, according to reports, between September and March, “the value of cocoa exports, at $2.9 billion, was even $480 million higher than that of the strong banana sector, according to the Central Bank. It is the first time in six decades that it has surpassed it.”
Added to this is the price of a ton of cocoa on the international stock exchange, which is now at $9,000. But this bonanza isn’t always without danger, as producers have faced extortion from criminal gangs operating in the region, demanding money in exchange for letting them work.
M.Pino
Source: swissinfo
(Reference image source: Andres Medina on Unsplash)
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