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High cocoa price underpins exports, trade surplus
Despite strong performance in exports, trade surplus narrowed to a three-month low of $2.47 billion in October.
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Pinning hope on cacao: A worker cares for cacao plants in this undated photo. As of 2017, there were 39,400 hectares of cacao plantations in North Luwu, South Sulawesi, producing a total of 26,300 tonnes of wet cacao. The North Luwu regency has planned to open 11,000 hectares of land for cacao plantations. (JP/Syafrizaldi)
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ising global cocoa prices are buoying Indonesian exports and underpinning the country's trade surplus even as imports climb ahead of the year-end holiday season, new official data show.
Cocoa exports surged through the first ten months of 2024, driven by skyrocketing global cocoa prices and rising demand, according to Statistics Indonesia (BPS) on Friday.
"The average price of cocoa on the international market from January to October 2024 was US$6.97 per kilogram, up 112.58 percent from the average price throughout 2023," interim BPS head Amalia A. Widyasanti said in a press conference.
Read also: Govt expects global cocoa price hike to impact domestic industry soon
Cocoa saw its export value rise by 104.58 percent year-on-year (yoy), reaching $2 billion from January to October. Its volume increased by 1.92 percent yoy to 282,810 tonnes over the same period.
Most of its exports, or about 66.81 percent, consist of processed produce, including cocoa butter, fat and oils.
India became the largest cocoa export destination in October, amounting to 6,500 tonnes, with a value amounting to $64.4 million, BPS data show. The United States followed with 2,500 tonnes worth $51.4 million and China with 3,500 tonnes valued at $31.2 million.
