Consultations on the problems of international export of cocoa beans are now being held in Geneva.
Consultations on the problems of international export of cocoa beans are now being held in Geneva. The meeting held by the United Nations Conference on Trade and Development (UNCTAD) began on Wednesday (22 September). At present there is a world surplus of cocoa beans and production is forecast to rise a record 1,508,000 long tons this year. This is a 6.4 per cent higher figure than cocoa production in the 1969-1970 season. But along with this huge increase in production is a smaller increase in cocoa bean usage. World consumption of the beans is expected to be only 1,363,000 tons. It was the general realisation that world production this season was likely to reach a new record that caused a collapse in the actual market prices by about GBP130 a ton from the high of GBP360 recorded last September. The U.N. Cocoa Consultations committee is now in session to meet these problems of decreasing values and low sales.
SYNOPSIS: The United Nations Conference on Trade and Development in Geneva is the site of a ten-day conference on the problems facing cocoa producing and exporting nations.
The Meetings, which began on Wednesday include representatives from the fourteen members of the Cocoa Consultations Committee. In addition, representatives from the Dominican Republic, Japan, Sweden and Togo have been invited to attend the consultations. The committee is now in session to deal with problems arising from a decrease in value and low sales of cocoa.
At present there is a world surplus of cocoa beans. Production of the beans this year is expected to make the surplus even higher. Along with this over-abundance of the crop is a relatively marginal increase in cocoa bean consumption. It was the general realisation that world production would reach record levels that caused a new problem for the cocoa-rich nations; the reduction in the actual market price cocoa. The value of the bean dropped by GBP130 a ton from high of GBP360 recorded last September. The current talks follow a United Nations series of informal discussions with the main cocoa producing and consuming countries held earlier this year.