Sri Lanka’s coconut prices see increase in prices at auction
Official data in Sri Lanka has reportedly recorded a 4.52 percent growth in raw coconut prices to Rs. 45,265 for 1000 nuts at an auction in Colombo last Thursday (16), which is an increase from Rs. 43,305, on January 16.
According to reports, it was an extension of gains made over several weeks.
The local media has reported that the top price had risen to Rs. 52,100 for 1,000 nuts from Rs. 50,100 from a week earlier and the lowest price was Rs. 39,500, which is an increase from Rs. 37,500 a week earlier.
Sellers have offered 414,000 nuts for the auction and 322,000 were sold.
The Central Bank of Sri Lanka has stated that the country’s coconut production has reportedly grown 19.2 percent to 2.89 million nuts in the 11 months to November from a year earlier.
In November, the output grew only 2.1 percent to 236.1 million nuts.
Exports have also picked up, the local media reported.
Coconut product exports have increased by 7.2 percent to US$ 307.7 million in the 11 months to November.
Local media reports further state that coconut prices have increased over the past three months with global commodity prices also picking up.
Sri Lankan authorities have paid much attention to the development of the country’s plantation sector, especially the plantations of tea, rubber and coconut. The government of Sri Lanka granted many incentives to the country’s plantation sector. A majority of the tea, rubber and coconut harvests are exported to foreign countries. Given the many trade agreements as well as trade concessions enjoyed by the country, plantation exports sector could see great boost in the future. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s plantation sector.
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