Sri Lanka coconut prices gain for 5th week

ECONOMYNEXT- Sri Lanka’s average coconut prices gained 5.4 percent at a weekly auction on October 27, rising for the fifth week in a row, official data showed.

The average price for 1,000 nuts rose to 65,387.84 from 62,037.99 a week earlier at the auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 69,900  rupees for 1,000 nuts up from the previous week’s 77,900 rupees, while the lowest was 60,000 up from 42,000 rupees, at the auction conducted by Sri Lanka’s Coconut Development Authority.

Buyers offered 580,619 nuts at the auction, and sold 480,225.

Officials said, due to the rainy season the crop has dropped in the past two months resulting in the prices to increase and price increase will be seen till late January 2023 until the next crop comes into the market.

Exports of coconut-based products have risen by 7 percent in the period from January to August to 573 million dollars from 537 million dollars a year earlier, data showed. (Colombo/Oct27/2022)