Drop in Sri Lanka’s coconut prices beneficial to promote coconut and value added exports
Sri Lanka coconut prices have fallen 5.4 percent at last Thursday’s auction in Colombo to Rs. 36,346 for 1,000 nuts, after rising 3.7 percent to Rs. 38,428 a week earlier, the local media has reported.
According to reports, 689,948 nuts were offered and 358,440 were sold at last week’s auction in Colombo.
Prices have also fallen to a low of Rs. 30,723 on August 16.
Meanwhile, the Sri Lankan government has also lifted a ban on the export of fresh coconuts from this month. Sri Lanka earlier banned the export of fresh coconuts after a drought hit global production driving coconut prices to record levels. Global coconut prices have also recorded a decline.
The decline in local coconut prices could be used by coconut exporters and food manufacturers to look at methods of conserving coconuts by creating value added products. These products could be later exported or even utilized during periods when there’s a shortfall in coconuts. Local companies could look at forming partnerships with foreign companies to develop such a business or vice versa.
|Article Code :||VBS/AT/26092018/Z_6|