The rising cocoa prices are on the agenda of chocolate exporters

Ahmet Tiryakioğlu, the Chairman of the Grain Pulses Oilseeds and Products Sector Board of TİM, drew attention to the fact that chocolate and cocoa-containing food exports accounted for 7% of the $12.4 billion worth of cereals, pulses, oilseeds, and products exports realized in 2023, and evaluated the rise in cocoa prices as follows:

"According to TÜİK data, our total cocoa imports exceeded 211 thousand tons last year, reaching $672 million in value. At the end of this raw material entry, which also covers domestic consumption needs, our chocolate and cocoa product exports in 2023 amounted to $860 million. Like in almost every aspect of food, our companies have a competitive structure that serves a very wide geography in chocolate as well. On the other hand, a fundamental characteristic of our international customer profile is their high price sensitivity. In an environment where the price of a kilogram of cocoa reaches $10, chocolate production costs become challenging."

Southeast Anatolia in the top 3 for chocolate exports to the USA

Celal Kadooğlu, the Chairman of the Southeast Anatolia Grain Pulses Oilseeds and Products Exporters' Association, highlighted that Turkey's chocolate and cocoa product exports reached $149.2 million in the first 2 months of the year, with a 14.3% increase, stating, "The increase in cocoa prices coinciding with the period just before the high-demand Ramadan Bayram adversely affected the product's sales profitability. Besides the supply shortage, the speculative effect of all buyers who anticipate a further increase in demand in the coming months by stocking up is definite. Existing production figures indicate that prices will not ease for a long time. Seeing their cocoa stocks starting to decrease, our producers are focusing on alternative countries to overcome the supply problem. Southeast Anatolia has become one of the strongest regions in chocolate and cocoa product exports in recent years. The share of this product in the region's grain sector exports reached 4.8% in 2023. We export the most chocolate from Southeast Anatolia to the USA after Iraq and Libya. Our exporting companies have significantly increased their varieties of chocolates in recent years, and we aim to increase the number of our strong brands with innovative products."

About TGİ

The Grain Pulses Oilseeds and Products Sector Board of TİM, which brings together the 6 Exporters' Associations under the umbrella of GAİB, İİB, AKİB, OAİB, EİB, and KİB, conducts its promotional activities under the Turkey Food Exporters (TGİ) brand in the new period. TGİ, formed by the 6 Exporters' Associations, whose areas of activity include many food products such as biscuits-cakes, wheat flour, vegetable oils, sugar, and cocoa products, pasta, pulses, and spices, uses the Turkish Food Exporters brand in joint activities abroad.