What is cocoa’s contribution to Papua New Guinea’s economy
Cocoa is farmed across the entire country, having a presence in 14 out of 22 provinces. At least 150 thousand Papua New Guinean families rely on cocoa farming for their livelihood, and the economic contribution was estimated as 300 million Papua New Guinean kina (about 88 million U.S. dollars).
On a global scale, cocoa production in Papua New Guinea was not significant - Côte d'Ivoire, for example, produced 2,020 thousand tons in the same year. Despite this, Papua New Guinea has a global reputation of producing some of the highest quality cocoa in the world. Currently, most of the country’s cocoa exports are to the Asia region, however, initiatives to develop specialty markets have been recently introduced. The global cocoa price was 2,408 U.S. dollars per metric ton as of June 2019.
While European and United States markets are responsible for the highest consumption volumes of cocoa respectively, growth in cocoa consumption is being driven by emerging markets such as Brazil, China, and India. With upcoming demand expected to exceed supply according to the International Cocoa Organisation (ICCO), the future for Papua New Guinean cocoa looks promising.