Venezuelan cocoa piles up in New York as exporters scramble for cash | Reuters

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U.S. stockpiles of Venezuelan cocoa swelled in May to levels not seen in at least five years, a Reuters analysis showed, as exporters in the crisis-hit country hit by U.S. sanctions scramble to raise cash however they can.

Crude oil accounts for more than 90 percent of Venezuela’s export revenues. With that key revenue stream drying up, Venezuelans are looking to get cash any way they can, including exporting cocoa – a niche business in the country, but one that is currently not subject to U.S. sanctions.

Several traders and exporters say a number of new cocoa companies have cropped up in recent years in a sector that was traditionally dominated by a handful of players.

Source: Venezuelan cocoa piles up in New York as exporters scramble for cash – Reuters

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