Vadakara: The rising prices of coconut and related products are being felt globally, with India recording the highest prices for coconut and copra. Sri Lanka, on the other hand, leads in the cost of coconut oil and desiccated (grated) coconut.
In the past three months, coconut prices have risen massively in all major coconut-producing nations. However, the largest price increases have been in India and Sri Lanka. While prices in the Philippines increased by USD 52 per ton over the last year, India saw a much higher jump of USD 282 per ton.
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Concerns over export impact
The surge in domestic coconut prices in India, which are now higher than in many other countries, has raised concerns about the potential impact on exports. However, it is reassuring that by-products such as coconut oil, desiccated coconut, and coconut husk are more expensive in other countries than in India.
Price comparison
The price of coconuts in November stood at USD 642 per tonne in India, while it was USD 176 in the Philippines, USD 259 in Indonesia, and USD 358 in Sri Lanka.
- Copra prices in India were at USD 1,570 per tonne, higher than in Sri Lanka (USD 1,498), Indonesia (USD 943), and the Philippines (USD 873).
- Coconut oil prices were highest in Sri Lanka at USD 2,559 per tonne, while in India it was USD 2,543, and in the Philippines, it was USD 1,716.
- Desiccated coconut saw a sharp increase, with Sri Lanka recording USD 3,343 per tonne in November, while India's price stood atUSD 2,903. In comparison, Indonesia priced it at USD 3,000 and the Philippines at USD 2,205.
The sharp price increase – ranging from USD 50 to USD 1,600 per tonne in the past year – can be attributed to a shortage of coconuts. The price of desiccated coconut in Sri Lanka, which was USD 1,687 in November 2023, has surged to USD 3,343 by November 2024. This increase is attributed to a shortage of coconuts. Reduced production in India, coupled with restrictions on edible oil imports, has contributed to the surge in prices.
* 1 United States Dollar equals 84.50 Indian Rupee
Published: 28 Nov 2024, 02:20 pm IST
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