World Trade In Cocoa

‘An overview of the history of cocoa, the factors affecting its production and consumption as well as how the trade is conducted, various risks mitigated, and by whom. ...The International Cocoa Trade is a work designed to inform all on the subject of cocoa and an essential guide for those involved in its trade.’ Dr J. Vingerhoets, Executive Director, ICCO Cocoa is a valuable commodity, and the cocoa trade involves many different parties from growers and exporters through dealers and factories to those trading futures and options and the banks they deal with. The International Cocoa Trade provides an authoritative and comprehensive review of the cocoa trade at the beginning of the twenty-first century, and the main factors that drive and affect that business. The opening chapter of the third edition examines the history and origins of the international cocoa trade, and its recent developments. The agronomics of cocoa production are discussed in chapter two whilst chapter three deals with the environmental and practical factors affecting cocoa production. Chapters four, five and six cover issues around the export and trading of physical cocoa, including the actuals market, the physical contracts used and the futures and options markets. In chapter seven, the international consumption and stocks of cocoa are reviewed with chapter eight discussing the issue of quality assessment of cocoa beans for international trade. Finally, chapter nine focuses on the end product, examining the processing of cocoa beans and the manufacture of chocolate. Updated appendices provide copies of some of the most important documents used in the cocoa trade, including contracts, sale rules and world production statistics. This comprehensively updated third edition of The International Cocoa Trade ensures its continued status as the standard reference for all those involved in the production consumption and international trading of cocoa. Provides an authoritative and comprehensive review of the cocoa trade at the beginning of the twenty-first century, and the main factors that drive and affect that business Examines the history and origins of the international cocoa trade, and its recent developments featuring a discussion of environmental and practical factors affecting cocoa production Explores issues concerning the export and trading of physical cocoa, including the actuals market, the physical contracts used and the futures and options markets

This publication examines the vertical and horizontal integration in the cocoa industry and its potential impacts on stakeholders along the value chain, in particular small cocoa farmers who constitute the backbone of cocoa production worldwide. It contends that the concentration pattern observed at all segments of cocoa GVC may have contributed to a high level of efficiency, but could become problematic, in particular if it fosters oligopsonic/monopsonic or monopolistic/oligopolistic behaviour in the industry with detrimental effects for small players. It also discusses the extent of integration of cocoa farmers into international markets by assessing the transmission of international cocoa prices to the domestic prices paid to farmers. The results suggest that transmission has increased with trade liberalizing reforms undertaken by cocoa producing countries, but, overall, the outcomes are mixed, so far. The reforms have increased the exposure of farmers to the vagaries of international markets, but they are not associated with a significant, if any, increase in the share of world prices of cocoa accruing to farmers. In order to make cocoa cultivation a more viable source of livelihoods for farmers, and ensure a sustainable global cocoa economy, it would be essential for governments and other stakeholders to implement policies that enable cocoa farmers to increase their incomes. The publication is useful for governments of cocoa producing countries, development practitioners, including agricultural economists and the private sector, with an interest in empowering farmers, and in the development of a sustainable cocoa economy. Ultimately, it should make an invaluable contribution to the debate on how to reduce poverty, and attain the Sustainable Development Goals (SDGs) with their commitment to ''leave no on behind'', especially in cocoa farming communities.

This is a thoroughly updated and revised edition of a best selling title. It has been written to help those involved in the industry by accessing information about the trade and creating a better understanding of the markets as a whole. The book covers: history and development, agronomics and marketing, actual and futures markets, and their contracts together with the product's supply and demand, its quality and lastly its processing.