International cocoa prices rise in May 2025

Santo Domingo.- By the end of May, cocoa prices reached US$9,791 per metric ton, marking a 9.1% increase from the start of the month, when prices stood at US$8,973, according to the Dominican Ministry of Economy’s Monthly Commodities Report.

The report, led by economist Yaurimar Terán Hernández, notes that cocoa prices fluctuated throughout the month—hitting a low of US$8,758 on May 5 and peaking at US$10,974 on May 19. Supply-side issues, particularly droughts in West Africa, disrupted cocoa production. Although later rainfall improved growing conditions, the initial crop suffered in quality, prompting rejection from processors and reducing usable yields.

On the demand side, continued U.S. tariffs led to increased speculative buying in cocoa futures, driving prices higher. However, high costs and tariff uncertainty are also dampening consumer demand, adding downward pressure. Rising global cocoa inventories have somewhat offset price increases, but strong bullish factors—especially a historic supply deficit—continue to dominate the market.

The report also ranks the world’s top cocoa producers for 2023, placing Ivory Coast at the top with over 2.3 million metric tons, followed by Ghana, Indonesia, and Ecuador. The Dominican Republic ranks ninth, producing 65,930 metric tons.