Cocoa smuggling from Côte d'Ivoire to Guinea is taking on worrying proportions, exporters told Reuters, estimating that some 50,000 metric tonnes – worth about $573 million at current global prices – were illegally transported between October and December.
A more than doubling of cocoa prices last year has given an extra incentive to smugglers.
Sources told Reuters that Côte d'Ivoire's cocoa smuggled across the border was worth 5,000 CFA francs ($7.95) per kilogramme, while Côte d'Ivoire's fixed price paid to cocoa farmers was set at 1,800 CFA francs per kg in September.
Once in Guinea, Côte d'Ivoire's cocoa is exported to Asian countries such as Indonesia and Malaysia, exporters say.
'Risk not having the volumes we need'
"Because of corruption, cocoa smuggling is accelerating and we risk not having the volumes we need to fulfil our contracts," said the director of a European export company based in Côte d'Ivoire's commercial capital Abidjan.
"Our suppliers prefer smuggling, which is much more profitable, and I understand them," said the head of another Abidjan-based export company.
Exporters based in Côte d'Ivoire said that around 8,500 tonnes of Côte d'Ivoire's cocoa crossed the border on December 24.
Cocoa prices hit a record $12,931 per metric tonne in New York in December on forecasts for poor crops for a fourth successive season from top producers Côte d'Ivoire and Ghana.
Determent measures
Côte d'Ivoire's government announced further steps in October aimed at deterring smugglers, including forfeiting the proceeds of any offences, withdrawing passports and suspending driving licences.
A source at sector regulator the Coffee and Cocoa Council (CCC) said the country was looking at further ways to tackle smuggling.
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