RRI.CO.ID, Jakarta - Indonesia’s reference price for cocoa beans dropped significantly in March 2026, reflecting weakening global demand and improving supply from major producing countries.

The Trade Ministry set the cocoa reference price at USD 4,047.45 per metric ton for March, marking a steep decline from the previous period. The drop also pushed down the government’s export benchmark price for cocoa beans to USD 3,722 per metric ton, a decrease of more than 30 percent compared with the previous month.

Trade Ministry Foreign Trade Director General Tommy Andana said the decline was driven mainly by falling demand in global markets, while production improved in key cocoa-producing countries such as the Ivory Coast.

“The decrease in cocoa reference and export benchmark prices was influenced by weakening demand that was not matched by supply constraints, as production has improved in major producing countries,” Tommy said in Jakarta on Saturday, February 28, 2026, as quoted on the ministry's official website.

Despite the price decline, Indonesia continues to impose export duties and levies on cocoa beans at 7.5 percent each for March, in accordance with existing finance ministry regulations.

The sharp fall in cocoa prices reflects shifting global market conditions after a period of higher prices, as increased production from major exporters has eased earlier supply concerns.

The lower prices could affect Indonesia’s cocoa export earnings but may provide relief to downstream industries that rely on cocoa as a raw material, including chocolate and food manufacturers.

Indonesia is among the world’s major cocoa producers, and price movements in the commodity remain closely watched for their impact on export revenue, farmers’ income, and the broader agricultural sector. ***