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The crop was a major foreign exchange earner for Nigeria in the 1950s and 1960s and in 1970 the country was the second largest producer in the world but following investments in the oil sector in the 1970s and 1980s, Nigeria's share of world output declined. In 2010, cocoa production accounted for only 0.3% of agricultural GDP. [1]
The World Cocoa Foundation provides significantly lower figures for Indonesia, but concurs that it is the largest producer of cocoa beans outside of West Africa. [9] Large chocolate producers such as Cadbury , Hershey's , and Nestle buy Ivorian cocoa futures and options through Euronext whereby world prices are set.
From 1905 to 1911, São Tomé and Príncipe produced and exported more cocoa than anywhere else in the world, earning it the nickname "the Chocolate Islands". However, the revelation of poor labour conditions on the islands by British journalists led to boycotts of São Toméan cocoa by European chocolate manufacturers, notably including Cadbury.
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Production of some products is highly concentrated in a few countries, China, the leading producer of wheat and ramie in 2013, produces 95% of the world's ramie fiber but only 17% of the world's wheat. Products with more evenly distributed production see more frequent changes in the ranking of the top producers.
[1] [8] Flavor cocoa producers are primarily considered Central and South America and the Caribbean. [10] Markets for flavor cocoa as of 2017 had experienced strong growth for two decades. [1] As of 2017, an estimated 9% of the world crop, around 263 000 tons of fine cocoa were produced. [2]
Cocoa beans and cocoa harvest processing. Ghana's cocoa production grew an average of 16 per cent between 2000 and 2003. [18] Cocoa has a long production cycle, far longer than many other tropical crops, and new hybrid varieties need over five years to come into production, and a further 10 to 15 years for the tree to reach its full bearing potential.
The International Cocoa Organization (ICCO) is a global organization, composed of both cocoa producing and cocoa consuming countries with a membership. Located in London , ICCO was established in 1973 to put into effect the first International Cocoa Agreement which was negotiated in Geneva at a United Nations International Cocoa Conference .