Indonesia's Cocoa Bean Export Price Up Double-Digits
Jakarta. The protracted Strait of Hormuz blockade has driven a double-digit surge in export-related prices for cocoa beans, according to the Trade Ministry.
The commodity's reference price is set at $3,832.17 per metric ton in June, up by around 17.24% from the previous period. This resulted in an 18.53% increase to the benchmark export price which will reach $3,511 per metric ton next month.
"The Strait of Hormuz closure has resulted in increased logistics, insurance, and fuel costs. All this has fueled hikes in cocoa bean export prices," Trade Ministry senior official Tommy Andana was quoted as saying by state news agency Antara.
Tommy went on to say that plummeting supplies in Nigeria had also led to the price increases.
The Agricultural Ministry reported that Indonesia's cocoa exports totaled 348,000 tons in volume throughout 2024. The shipment value reached $2.65 billion that year. The government also reported an uptrend in annual cocoa exports in recent years.
US-Israel's attack on Tehran in late February has prompted Iran to shut the Strait of Hormuz, a key waterway in international trade.
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