Sri Lanka's coconut production dropped by 17.8% in September 2024 compared to the same month in 2023, according to the Central Bank of Sri Lanka (CBSL). The CBSL's November agriculture bulletin highlighted this significant decline, attributing it to a combination of factors.
Domestic coconut prices have been steadily rising since October. On December 16, the Coconut Development Authority reported wholesale prices ranging from $0.49 to $0.52 for large nuts and $0.40 to $0.43 for smaller ones. Retail prices in supermarkets have climbed to between $0.54 and $0.59 per nut.
The Coconut Development Authority postponed its weekly auction for the second consecutive week due to a shortage of supply. Coconut production from January to September 2024 reached only 2,286 million nuts, compared to 2,381 million nuts during the same period last year. In September 2023 alone, Sri Lanka produced 3,170 million nuts.
Despite reduced production, coconut exports have increased by 28% year-on-year, with 14,705 nuts exported between January and October 2024. Export revenues during this period totaled approximately $6 million.
Farmers have reported severe crop damage caused by wild animals, particularly monkeys, along with unfavorable climatic conditions contributing to the reduced yields. Officials are closely monitoring the situation as demand pressures and production challenges persist.
Source: economynext