Cocoa prices decline 30-40% on last season's bumper crop, low global demand

A slowdown in demand from domestic chocolate manufacturers adds to farmers' woes

Cocoa prices in India have declined 30-40 per cent due to a drop in international rates and a slowdown in demand from domestic chocolate manufacturers.

According to farmers, high imports following the government's decision to reduce customs duty on cocoa powder is also a reason for price drop. The prices in the domestic market have declined from Rs 200-210 to Rs 130-160 per kg, depending on variety, they caim.

Another major reason for the price drop a bumper crop last season, thanks to a benign weather in West Africa. Ivory Coast and Ghana, the world's top producers of cocoa beans, account