Russian chocolate going global – data
Russia has ramped up its foreign trade in chocolate amid growing global demand
Read Full Article at RT.com
The country supplied 170,000 tons of confectionary in January-September, according to a RIA Novosti report
Russian chocolate exports rose 9% in January-September year-on-year, making the country the 11th largest supplier worldwide, RIA Novosti reported this week, citing data from UN Comtrade and the national association of confectionary makers (Askond).
In total, 170,000 tons of Russian chocolate products were exported worldwide in the first nine months of 2023, with an overall value of more than $535 million, according to the report.
“These figures confirm that export remains one of the key areas of development for the Russian confectionery industry,” Askond told the outlet.
Data showed that Germany remained the world’s top chocolate exporter, with sales amounting to $3.84 billion in the reporting period, up 13% from last year. Belgium was second on the list and saw chocolate exports grow by 1% to $1.77 billion. It was followed by the Netherlands, which boosted exports by 18% over the year, to $1.66 billion. Poland, Canada, Italy, Malaysia, the US, the UK, and Switzerland rounded out the top ten exporters of confectionary worldwide.
The report comes as cocoa prices soared to their highest level in nearly half a century this week, amid declining global supply and high demand for chocolate.
READ MORE: Cocoa prices near 50-year highs
Industry analysts warn that further price spikes are likely due to the threat to global supply posed by the El Nino weather phenomenon, which is expected to dry out West Africa in the coming months. Supply shortages are also exacerbated by an increase in global demand for cocoa beans, with processing in Europe, Brazil, and Cote d’Ivoire (Ivory Coast) on the rise in recent months.
According to the International Cocoa Organization (ICCO), the global market faced a deficit of 116,000 metric tons of cocoa for the growing season from October 2022 to September 2023.
For more stories on economy & finance visit RT's business section