The Malaysian Cocoa Board is optimistic cocoa production in the country will reach approximately 60,000 tonnes in 7 years to come. One of the board member, Datuk Hilmi Yusoff, said Malaysia produced about 3,400 tonnes of cocoa which is not sufficient to meet domestic demand. This increase will definitely help the economy through the agriculture sector which will realize the 2020 vision in the near future.
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| Photo Credit: koko.gov.my |
Quoting what the minister have mentioned earlier, the cocoa-based manufacturers are sourcing from Indonesia to meet their demand are currently done.
Hilmi said the industry had vast potential to develop further and farmers could derive high returns from the cultivation of the commodity.
"For this year, the government has allocated RM12.6 million to develop 1,580 hectares of land under cocoa plantation nationwide," he added.
The board member also said that the dry Cocoa beans currently have gathered about RM5, 900 per tonne and the International Cocoa Organisation had forecast that these prices would continue to lower due to dwindling supply.
On world reports on Cocoa, The International Cocoa Organisation (ICCO) has predicted that the world cocoa production deficit will hit 60,000 tonnes in 2012/2013 production year, a major decrease from the 84,000 tonnes surplus in 2011/2012. The last year predictions seems true for this year as the lower supply has been experienced. Although the efforts of bringing up the supply figures is very much hopeful.
These drastic decreases in production could cause cocoa prices to soar for chocolate manufacturers and consumers. A chain effect is what we can delude from this.
For last year in 2012, according to the ICCO quarterly bulletin of cocoa statistics, reports showed an estimated 3.9 million tonnes in total world grindings, a decrease from the previous forecast of 4 million, reflecting the reduced estimate in world demand. The downfall must have made Malaysia fired up to boost on the Cocoa production figures. As Malaysia is also experiencing insufficient domestic supplies.
With 6.5 million cocoa farmers in Africa, South America and Asia, cocoa ranks as one of the top-10 agriculture commodities in the world, the CacoaGenome Project reported.
Cocoa supply have decreased in numbers as it has been inflicted with problems like pests, diseases and weather in the past, but a new hope rise as science funded by hope to thrive the sector has its hopeful to see a combatant genome discovery against the fruit's natural attacks.
sources:
http://www.bernama.com.my/bernama/v7/bu/newsbusiness.php?id=960343
http://essabra-mensah.blogspot.com/2013/06/world-cocoa-production-deficit-to-hit.html
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