Chocolates, a household favorite in Belgium, have become a source of stress for both consumers and producers as inflation and soaring costs take their toll. The prices of chocolates are driven to rocketing high by rising inflation and increasing downside risks, two major economic challenges faced by many Eurozone countries. The recent sharp depreciation of the euro against the U.S. dollar has also added to inflationary pressures, further eroding purchasing power. With limited budgets, consumers are cutting back on non-essentials like chocolate.
"I'm really fond of Belgian chocolates. Unexpectedly, the prices are going always high and it affects all of us. I always check for discounts," said a customer. "Of course, let's say, last year I bought one kilo, now I'm buying half a kilo, maybe even 250 grams," he said.
The impact is equally severe for chocolate makers, who find themselves squeezed by higher costs and falling demand. Philippe de Selliers, CEO of a Belgian chocolatier, described the strain on the industry by saying: "Every business is depending on the economy. So when the economy is going bad, we'll be more difficult to keep the business. It's true that the volume of the chocolate business is flat the last year, or maybe minus one percent. So that's true that the industry, the chocolate industry this year was not increasing the volume."
A big disadvantage for chocolate production is the skyrocketing price of cocoa, the key ingredient in chocolate. Futures prices for cocoa have surpassed 8,500 pounds (about 10,730 U.S. dollars) per ton, nearly triple the average price from two years ago.
"The price of cocoa has increased dramatically in the last two years from an average of 3,000 pounds (about 3,787 U.S. dollars) per ton. There were some bad conditions, weather conditions. The stock of cocoa was not as high as it has to be. The second reason is the fact that there were lots of speculations on the price of cocoa. So we have increased with probably between five and ten percent," said Philippe de Selliers.
According to Eurostat, chocolate prices in the European Union rose by an average of 11.1 percent over the past year. Producers are adjusting their strategies under pressure. Some are reducing the cocoa content in their products, while others pursue high volume turnover with a lower margin.
Meanwhile, inflation in the Eurozone is coming back. Eurostat's preliminary data show the inflation rate in November comes in at 2.3 percent, up from 2 percent in October. Although still far below the peaks of two years ago, the trend signals growing challenges for both businesses and consumers.
Belgian chocolate under pressure amid inflation, economic downturn: industry insiders
Sunday marked the 16th anniversary of the opening of the "mini three links" across the Taiwan Strait, comprising air, sea, and postal services, which have significantly enhanced cross-Strait connectivity.
The Wutong Ferry Terminal in Xiamen City of east China's Fujian Province is a bustling hub offering a round-trip service between Xiamen and Kinmen of China's Taiwan region.
Initially launched in 2001, the route became part of the broader "mini three links" in 2008 and has since transported over 20 million passengers.
Its service was suspended for almost three years due to the COVID-19 pandemic, and was resumed in January last year. Since resumption, the round-trip operations have increased from two per day to 20, serving more than 1.15 million passenger trips in total.
"For those regular commuters traveling back and forth frequently, their biggest need is to clear customs quickly as soon as they arrive. It has to be fast and efficient. Therefore, we have established the nation's largest quick customs clearance information collection point for compatriots in Taiwan at the ferry terminal," said Chen Jinlai, deputy chief of the Gaoqi Border Inspection Station of Xiamen Entry and Exit Border Inspection Station.
"The ferry is quite comfortable within the mini three links," said a passenger from Kinmen.
"I've been taking the ferry at the Wutong terminal for over a decade," said another passenger from Kaohsiung in Taiwan.
Many travelers from the mainland, especially those from Fujian to the islands of Kinmen and Matsu, can be seen after the resumption of travel.
"We will travel there (Kinmen) for two days. The customs clearance is basically self-service. There's the fast channel for senior people on wheelchairs. It's very convenient," said a passenger from the mainland.
"I traveled [to Kinmen] before. But this is my first time riding a bicycle there," said another passenger from the mainland.
In Xiamen, the cross-Strait postal service also plays an important role in communication across the Strait. At a mail processing center with the China Post, staff have been busy sorting packages sent between the mainland and the Taiwan region.
"Since our mail exchange center started operation in 2008, we have processed thousands of mails and parcels on a daily basis. On July 30 this year, we resumed the two-way mail route between Xiamen and Kinmen," said Cai Chunmei, head of the Xiamen-Taiwan Mail Exchange Center.
These services are an epitome of the "mini three links" across the Taiwan Strait. Since 2008 or even much before that, they have facilitated the flow of people, goods, and capital, playing a substantial role in enhancing common interests, especially for the people of the Taiwan region.
Cross-Strait direct links foster closer ties with growing connectivity
