109. Cocoa crisis: Why higher prices are bittersweet as climate change hits crops

The Weekly Tradecast looks at cocoa and the impact of climate change with UN Trade and Development (UNCTAD) senior economist Rodrigo Cárcamo-Díaz.

Cocoa beans are the key ingredient of chocolate and also an important part of health supplements, cosmetics, fragrances and more.

But cocoa prices have risen sharply this year, driven up by poor harvests in West Africa, which produces the bulk of global supplies and the El Niño weather phenomenon earlier this year. Hotter temperatures and shifts in rainfall caused by climate change also have an impact on harvests.

Soaring prices are squeezing chocolate makers and hitting consumers. But the higher prices are not translating into gains for farmers – who are struggling with higher production costs and lower crop yields.

Tune in to UN Trade and Development's Rodrigo Cárcamo-Díaz to find out if we’re in a cocoa crisis?