New Tariffs to Push Cocoa Prices Higher

The United States is the world’s leading importer of chocolate and cocoa products, importing nearly $4 billion in 2023, according to the US Department of Agriculture’s Foreign Agricultural Service. Since cocoa beans require a tropical climate to grow, the United States must import nearly all its cocoa needs to meet domestic demand. Hawaii is the only US state capable of growing the crop, but its production capacity falls well below US manufacturers’ requirements.  Read more here.