{"id":6803,"date":"2020-07-07T09:16:43","date_gmt":"2020-07-07T09:16:43","guid":{"rendered":"https:\/\/bartalks.net\/?p=6803"},"modified":"2021-01-01T16:09:59","modified_gmt":"2021-01-01T16:09:59","slug":"cocoa-prices-decrease-as-covid-19-weakens-demand","status":"publish","type":"post","link":"https:\/\/bartalks.net\/cocoa-prices-decrease-as-covid-19-weakens-demand\/","title":{"rendered":"COCOA PRICES DECREASE AS COVID-19 WEAKENS DEMAND"},"content":{"rendered":"\n<p>The worsening wave of COVID-19 cases in significant global economies increased concerns among cocoa traders.<\/p>\n\n\n\n<p>Cocoa prices are going lower as the resurgence of coronavirus around the world threatens global chocolate demand. At the last trading session, which was in September, cocoa prices closed at $2,164.50.<\/p>\n\n\n\n<p>As a result of weakening cocoa demand globally, the price of September cocoa futures dropped to $2,159 per 1000kg, nearing a one-year decrease in cocoa price, before stabilising above its support levels.<\/p>\n\n\n\n<p>Chocolate is often considered a luxury product, meaning that in times of high economic uncertainty, the consumption of such products will falter as consumers focus more on necessity goods.<\/p>\n\n\n\n<p>However, officials in Nigeria remain optimistic as the country recorded a surge in revenue because of cocoa. President Muhammadu Buhari stated that Nigeria\u2019s income from cocoa and sesame seeds has increased by $79.4 million and $153 million, respectively, in the last year.<\/p>\n\n\n\n<p>Nigeria has a leading role in the cocoa industry, covering a 6.5% share of global cocoa production. According to the <a href=\"https:\/\/nepc.gov.ng\/\" target=\"_blank\" aria-label=\" (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">National Export Promotion Council<\/a>, Nigeria is the fourth largest exporter of cocoa beans, behind C\u00f4te d\u2019Ivoire, Ghana, and Indonesia. Cocoa exports in Nigeria are projected to grow annually by 4% in the following years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The worsening wave of COVID-19 cases in significant global economies increased concerns among cocoa traders.<\/p>\n","protected":false},"author":7,"featured_media":6827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1701,1838],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/posts\/6803"}],"collection":[{"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/comments?post=6803"}],"version-history":[{"count":0,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/posts\/6803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/media\/6827"}],"wp:attachment":[{"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/media?parent=6803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/categories?post=6803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bartalks.net\/wp-json\/wp\/v2\/tags?post=6803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}