KUALA LUMPUR, MAY 5 — The recent surge in global cocoa prices, caused by a supply shortage, is impacting local chocolate companies throughout the supply chain.
During the 1980s, Malaysia was one of the world’s top cocoa producers. However, currently, almost 98 per cent of the country depends on cocoa imports for consumption as West Africa overtook it for quite some time. “The decreasing production of cocoa beans in Malaysia has led to many industries which produce cocoa products having to import cocoa beans from abroad,” he added.
“It is high time that farmers are fairly compensated for their hard work and dedication to the cacao industry,” he added. Williams said that the current huge spike is attributed to weather conditions but there are long-term structural issues in cocoa production.