Sri Lanka coconut prices record rise in December second-week auction.
Economynext: Sri Lanka’s average coconut prices gained 9.2 percent at the second auction in December, official data showed.
The average price for 1,000 nuts increased to 76,438.65 from 69,975.88 a week earlier at the auction conducted by Sri Lanka’s Coconut Development Authority.
The highest price was 83,100 rupees for 1,000 nuts up from the previous week’s 78,700 rupees, while the lowest was 66,200 down from 58,500 rupees.
Auction offered 722,163 coconuts and 547,365 nuts were sold.
Most food prices in Sri Lanka have almost doubled since macro-economist printed money for two years to suppress rates and the rupee collapsed from 200 to 360 to the US dollar.
Sri Lanka does not export raw coconuts directly but most of the buyers at the auction are from the desiccated coconut industry.
The total exports from January to October are 711.4 million US dollars up by 4 percent from a year earlier.
OSL take:
Sri Lanka’s plantation industry is showing a growth potential with commodities like tea, rubber, coconut and spices having recorded good prices in the marker. The government of Sri Lanka has also taken many steps to uplift and develop the country’s plantation industry with many incentive schemes being offered to businesses/investors in the industry. The strong trade ties and concessions enjoyed by Sri Lanka with many foreign countries have also benefited the country’s plantation exports. Given the expanding opportunities in the industry, foreign businesses/investors could explore the many opportunities in Sri Lanka’s plantation sector.
| Article Code : | VBS/AT/11012023/X_4 |