PNG Needs to Export Value Added Cocoa Products: Rice
Papua New Guinea’s cocoa industry and products are becoming highly sought after in the world.
Paradise Foods Limited chief executive officer James Rice said this is pleasing but PNG faces low commodity prices.
“Our beans are sought after in the world market, but the commodity price of beans in low however; the price of cocoa liquor (cocoa mass) is twice the price of beans. The price of cocoa butter is three times the price of cocoa beans. The price of chocolate is four times the price of cocoa beans,” he said.
Mr Rice said compared the growth potential and revenue generation of the cocoa industry is very small at this stage.
“Today, the cocoa industry exports about 40,000 million tonnes of cocoa beans at a price of US$2300 (K8020.51) per tonne.”
However, he also mentioned that the current trend in the industry is that most cocoa is being bought to feed the high chocolate consumption.
Paradise Foods is keen to increase cocoa production to develop export markets for our chocolate.
“This means we will be buying more cocoa beans from PNG farmers as our chocolate is 100 per cent PNG sourced and made,” said Mr Rice.
“We are happy to buy from local farmers and local crops anywhere in PNG.”