China has sharply increased supplies of one product from Russia
In 2023, China tripled its imports of Russian chocolate. Interfax reports a sharp increase in supplies of cocoa-containing products with reference to materials from the State Customs Administration (GTU) of the People's Republic of China.
Over the past year, shipments of Russian chocolate increased 1.4 times, to $55.4 million. In 2022, import volumes were $39.4 million. According to the Association of Confectionery Industry Enterprises (ASKOND), in physical terms, supplies increased from 11 to 33 thousand tons.
“The Chinese market is returning to its position as one of the most attractive and fastest growing markets for the export of Russian chocolate and chocolate confectionery. Partly, the explosive growth in supply volumes was a consequence of the low base effect of the previous year, but the main reasons for the success of Russian confectionery manufacturers are focused and painstaking work on positioning products in the Chinese market, strengthening trade ties with Chinese business, expanding and adapting the range to meet consumer demands,” analysts explained.
Earlier, experts from the International Cocoa Organization (ICCO) warned that the global shortage of cocoa beans that has been ongoing for the past two years will continue in 2024. According to them, the crisis in the Red Sea could worsen the problems: due to the shelling of commercial ships by Yemen's Houthi rebels, the delivery time for raw materials could increase, leading to a rise in the price of cocoa beans, which would become “scary” for consumers around the world.
