Ministry of Trade: Bad Weather and El Nino Trigger Cocoa Price Surge
Jakarta (ANTARA) - The Ministry of Trade (Kemendag) stated that the rising reference price (HR) and benchmark export price (HPE) for cocoa bean commodities are being influenced by supply disruptions caused by bad weather and decreased production triggered by the El Nino phenomenon.
The Director General of Foreign Trade at the Ministry of Trade, Tommy Andana, stated that the reference price for cocoa beans for the August 2026 period has been set at 5,424.96 USD per MT, an increase of 1,455.41 USD or 36.66 per cent compared to the previous period. This increase has pushed the benchmark export price for cocoa beans to 5,064 USD per MT, up by 1,418 USD or 38.90 per cent.
“The determination of the HR and HPE takes into account market conditions, developments in international logistics costs, and global trade dynamics. The increase in the HR and HPE for cocoa beans is influenced by supply disruptions in major West African producing countries due to pest attacks, bad weather, and production declines triggered by the El Nino phenomenon,” Tommy explained in a statement in Jakarta on Saturday.
For the period of 1-31 August 2026, the export levy (BK) for cocoa beans is set at 7.5 per cent, referring to Column 4, Appendix B of PMK Number 38 of 2024, as amended by PMK Number 68 of 2025. Meanwhile, the export levy (PE) for cocoa beans is also set at 7.5 per cent, in accordance with Appendix C of PMK Number 69 of 2025, as amended by PMK Number 9 of 2026.
On the other hand, the HPE for leather products for the August 2026 period remains the same as the previous period. Meanwhile, the HPE for pine resin has been set at 1,013 USD per MT, an increase of 11 USD or 1.10 per cent compared to July 2026.
The HPE for wood products for the August 2026 period has increased for several types. This increase applies to veneer from natural forests as well as processed wood products with a cross-sectional area of 1,000 mm² to 4,000 mm² originating from mixed jungle species and other assortments from plantation forests, such as teak, balsa, eucalyptus, and other species.
Conversely, the HPE for several types of wood products has decreased. These include veneer from plantation forests, wooden sheets for packing boxes, wood chips or particles, and processed wood products with a cross-sectional area of 1,000 mm² to 4,000 mm² from meranti, merbau, and other assortments from ebony species. A decrease was also observed in products originating from plantation forests of acacia, pine, gmelina, sengon, and rubber.
Furthermore, the HPE for chipwood, processed wood with a cross-sectional area of 1,000 mm² to 4,000 mm² from other assortments originating from sungkai plantation forests, and special processed wood products of the merbau type with a cross-sectional area of 4,000 mm² to 10,000 mm² remain unchanged for the August 2026 period compared to July 2026.
The determination of the reference price for CPO, as well as the HR and HPE for cocoa beans, leather products, wood products, and pine resin, was established through Ministerial Decree of Trade (Kepmendag) Number 1667 of 2026 regarding Export Benchmark Prices and Reference Prices for Agricultural and Forestry Products Subject to Export Duties and Public Service Agency Service Tariffs.