Cocoa paste: the United States becomes Cameroon's largest market, facing dual risks of prices and customs duties

(Investing in Cameroon) - In 2024, the United States became the leading destination for Cameroonian cocoa paste exported by sea, in terms of both volume and value. According to the economic report of the National Shippers' Council of Cameroon (CNCC), the US market imported 18,018 tons of cocoa paste, worth 75 billion CFA francs. This represents 33% of the 61,527 tons exported by Cameroon and 37% of the 210 billion CFA francs in revenue generated over the year.

This growth is part of a surge in paste exports, driven by the boom in local processing and favorable international conditions in 2024.

Strong competition on the US market

The CNCC reports an increase of 115.5% in value and 24.5% in volume compared to 2023. This performance ranks Cameroon as the world's 7th largest exporter of cocoa paste in 2024. However, on the US market, the country is still only the 4th largest supplier, accounting for 8% of the value of US imports of paste, behind Côte d'Ivoire (1st), Canada (2nd), and Ghana (3rd).

The CNCC also highlights a difference in remuneration depending on the destination. The Netherlands (4,562 CFA francs/kg) and Poland (4,569 CFA francs/kg) pay more for Cameroonian paste than the United States, creating a trade-off between export volumes and unit prices.

New grinders and industrial ramp-up

The 2024 performance is also based on an increase in national cocoa production, estimated at 309,518 tons, and on soaring world prices (+123.4% for cocoa). The dynamism of cocoa paste and derivative products is reinforced by the installation of new bean grinders—Neo Industry, Atlantic Cocoa, Africa Processing—as well as by the increased processing capacity of existing players, including SIC Cacaos (a subsidiary of Switzerland's Barry Callebaut) and others.

According to the National Cocoa and Coffee Office (ONCC), all of this capacity has helped to boost local processing, which reached 109,431 tons for the first time during the 2024-2025 cocoa season. This shift is consistent with the national strategy to add value to production beyond raw beans.

Risk of price volatility and customs duties

However, this move upmarket remains vulnerable to price volatility. An announced production surplus on the world market could lead to a sharp drop in prices, with a direct impact on foreign exchange earnings.

Added to this risk is a commercial factor: the 15% reciprocal customs duties introduced by the United States in August 2025. The CNCC indicates that exports of Cameroonian cocoa paste—the main product exported to this market—could generate less foreign exchange during the 2025-2026 season.

Between August and November 2025, volumes are expected to decline from 6,804 tons (2024) to 6,119 tons (2025). Revenues are expected to follow the same trend, falling from 43.1 to 34.6 billion CFA francs, illustrating the negative effect of tariffs on revenues.