SANTO DOMINGO – International cocoa prices surged by 9.1% in May 2025, closing the month at US$9,791 per metric ton, up from US$8,973 at the start, according to the Dominican Ministry of Economy’s Monthly Commodities Report, led by economist Yaurimar Terán Hernández.
Throughout May, cocoa prices fluctuated significantly—reaching a low of US$8,758 on May 5, before hitting a peak of US$10,974 on May 19. The volatility was largely attributed to supply disruptions, particularly drought conditions across West Africa, the world’s primary cocoa-producing region. Although improved rainfall later in the month helped stabilize growing conditions, early-season damage had already compromised crop quality, with some harvests rejected by processors due to substandard yields.
On the demand side, market speculation fueled by ongoing U.S. tariffs contributed to an uptick in cocoa futures trading, pushing prices higher. However, elevated prices and trade policy uncertainty are beginning to impact global consumption, putting some downward pressure on demand. Despite rising global inventories, analysts say the market remains dominated by bullish fundamentals, especially in light of a historic supply deficit.
The report also outlines global cocoa production rankings for 2023. Ivory Coast retained its top position with over 2.3 million metric tons, followed by Ghana, Indonesia, and Ecuador. The Dominican Republic ranked ninth globally, with a reported production of 65,930 metric tons.
