Cameroon’s agro-food exports surge as cocoa, coffee and rubber drive 6.9% rise in export price index
Cameroon posts highest agro-food export earnings since 2019, fueled by soaring cocoa, coffee, and rubber prices.
CAMEROON – Cameroon’s export price index increased by 6.9% in 2024, propelled largely by agricultural commodities, notably cocoa, rubber, and coffee, according to the National Institute of Statistics (INS) in its 2024 National Accounts report.
Cocoa prices led the surge, rising 123.4% in 2024 compared to 37.1% the previous year. This sharp increase coincides with expanded cocoa processing capacity in the country.
Since Sic Cacaos, a subsidiary of Swiss group Barry Callebaut, upgraded its grinding facility from 32,000 to 50,000 tons in 2015, three additional companies—Neo Industry, Atlantic Cocoa, and Africa Processing Company—have entered the market.
Together, these operators now boast almost 90,000 tons of grinding capacity, exporting cocoa butter, powder, and oil to international markets.
In 2023, Cameroon exported 73,236 tons of cocoa derivatives, earning CFA153 billion (US$273.7M) in revenues. By the third quarter of 2024, the country shipped 13,236 tons of cocoa paste valued at CFA49.9 billion (US$85.3M), a year-on-year increase of CFA34.2 billion (US$61.2M) or 218%, underscoring the growing importance of cocoa derivatives in the country’s agro-food exports.
Expansion plans are underway. Neo Industry is set to almost triple its grinding capacity to 80,000 tons, while Atlantic Cocoa aims to boost annual output from 48,000 to 64,000 tons.
Other agricultural commodities also posted gains. Robusta coffee prices climbed 68% in 2024 after a 15% rise in 2023, while Arabica reversed a 19.4% drop to grow 23.8%. Rubber prices, down 10% in 2023, rebounded with a 26.8% increase.
However, cotton prices fell 8.8% after a 26.9% decline, and banana prices dropped 2.2% following a 15.5% rise in 2023.
Overall, Cameroon earned CFA532.2 billion (US$951.99M) from its agro-food exports in 2024, the highest figure since 2019.
Export revenues have nearly doubled over five years, rising from CFA276.6 billion (US$495.1M) in 2019 to CFA382.3 billion (US$683.8M) in 2023, before surging again in 2024.
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