Cocoa industry generated over K360m in 2016

MORE than K360 million in revenue was generated by the cocoa industry last year, according to the Minister for Agriculture and Livestock Tommy Tomscoll (pictured).
Tomscoll gave an overview of global figures on the cocoa industry compared to domestic figures during the Cocoa Board dinner last Friday.
He emphasized the importance of the industry earning foreign exchange through its exports.
“Globally, 90 per cent of cocoa around the world are grown by smallholders. In PNG, 90 per cent of the cocoa we grow and the export is from smallholders,” he said.
“There are 20 million people benefitting directly from the cocoa industry globally and in PNG, three million people depend on the cocoa industry directly and one million indirectly as transporters, exporters and manufacturers.
“In 2016, PNG produced 40,000 tonnes. So we have long way to go to catch up with competitors in other countries whose export in tonnes is over 200,000 tonnes annually.
“In 2016, we produced 40,000 tonnes of cocoa – around the value of K360.4 million. This is money brought in to the country by rural based farmers.
“When their cocoa is exported, they bring in US dollars. This is one industry where 70 per cent of what is earned through exports go directly to the pockets of farmers – that is K288 million going to our rural farmers.”