Peru’s Cocoa Exports Show Price-Driven Adjustment in Early 2026
Commodities Network (Bogota)— Peru’s cocoa bean exports totaled 11,251 tonnes in January-March 2026, down 29.32% year on year when it shipped 15,920 tonnes, according to the Peruvian Coffee and Cocoa Chamber, using figures from import-export data Veritrade.
Total exports were worth $54.30 million FOB, down sharply from $161.84 million in the same period last year.
This suggests that the first-quarter performance in 2026 was driven more by an adjustment in international prices than by a sharp contraction in export capacity, the chamber said.
The average price reached $4,826/t, reflecting solid commercial performance at the start of the year, with valuation levels above those observed between 2020 and 2023, but that is more than half the $10,165/t. reported in the same period a year earlier, the chamber noted.
Price trends weigh on export value
Historical first-quarter data show a clear upward trend in cocoa valuation. Between 2020 and 2023, average prices ranged from $2,508/t to $2,897/t. In 2024, prices rose to $4,628/t, marking a notable increase.
In 2025, the sector reached an exceptional peak, with average prices climbing to $10,165/t, boosting first-quarter export value to $161.84mn. By contrast, in 2026, prices adjusted to $4,826/t—remaining above pre-2024 levels but well below the previous year’s peak.
This trend underscores that prices remain the primary driver of export value in the short term, directly shaping the sector’s ability to maximize revenues even when volumes remain competitive, using Veritrade data.
Key export destinations
Between January and March 2026, Peru’s cocoa bean exports were concentrated in five key markets, accounting for 87.37% of total shipments.
The Netherlands was the leading destination, with 3,631 tonnes (32.39%), valued at $16.42 million and an average price of $4,521/t. The United States followed with 2,635 tonnes (23.50%), generating $12.34 million at an average of $4,682/t.
Italy ranked third with 1,681 tonnes (15.00%) and $8.12 million in value, with a higher average price of $4,827/t. Belgium came fourth with 1,018 tonnes (9.08%) and $5.62 million, recording the highest average price among top destinations at $5,517/t. Malaysia rounded out the top five with 830 tonnes (7.40%), valued at $3.60 million and an average price of $4,341/t.
Overall, exports remained concentrated in strategic markets, combining high-volume destinations with those offering stronger price realization.
Value-added cocoa products gain relevance
Beyond cocoa beans, Peru maintains a diversified export portfolio of value-added products. In January–March 2026, exports of cocoa derivatives reached 9.81 million kilograms, generating $84.04 million, with an average price of $8.56/kg.
Cocoa butter led in value, with 3.57 million kg exported for $36.34 million at $10.18/kg, representing 43.2% of total derivative export value. Cocoa powder followed with 2.63 million kg and $21.60 million ($8.21/kg), consolidating its role as a key product.
Cocoa cake exports totaled 1.29 million kg, valued at $16.00 milion, with a high average price of $12.41/kg. More processed products included chocolate, with 486,168 kg exported for $4.48 million ($9.21/kg), and cocoa nibs, with 414,214 kg valued at $4.76mn ($11.49/kg), reflecting competitive pricing.
Meanwhile, cocoa husk exports reached 1.42 million kg but generated just $853,750, with the lowest unit price at $0.60/kg, confirming its status as a low-value byproduct.
On the import side, Peru recorded 3.03 million kg of cocoa-related products in the first quarter, worth $25.73mn CIF, at an average price of $8.48/kg. Chocolate accounted for the largest share, with 1.99 million kg and $16.19 million, followed by cocoa powder with 722,159 kg and $5.82 million.
Imports also included cocoa butter (163,000 kg, $2.26mn, at a notably high $13.85/kg) and cocoa cake (155,520 kg, $1.46mn). No cocoa nib imports were reported during the period.
Imports reflect domestic demand patterns
The import structure highlights strong demand for finished and semi-processed products, particularly chocolate, which dominates both volume and value. Meanwhile, imports of cocoa butter and powder point to complementary industrial needs tied to domestic processing and specific market segments.
Overall, the data reflect a dynamic cocoa sector, balancing exports of semi-processed and processed goods with targeted imports to meet internal demand and industrial requirements.
By Diana Delgado
Source: Coffee and Cocoa Chamber
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