Lean season, weather lead to coconut price hike

The rise in the price of coconuts is due to the lean season and the drought last year, said Chairman, Coconut Cultivation Board (CCB), Sarath Keerthiratne.

He said there is a drastic reduction in the harvest this time unlike in other years due to adverse weather conditions.

The price of coconuts has risen, making most consumers unable to afford it. The price of a coconut hovers around Rs. 45 while many retailers do not have sufficient stocks.

Tea, rubber and coconut are Sri Lanka's main export crops.

"The prices will be high during the next two months and will gradually decline by the end of February. We expect a harvest of around 2,600 million nuts this year", Keerthiratne said.

Sri Lanka's annual coconut production is around 2,800 million nuts while the country requires around 3,700 million nuts."The CCB will provide coconuts to Sathosa and Cooperative Societies at Rs.26 a nut", Keerthiratne said.

Coconut production drops by around 50 percent during the lean period from September to March and increases during the rest of the year.

Chairman, Coconut Development Authority, Sugath Hadunge said changes in consumer patterns and the rise in demand for coconut oil have resulted in the increase in coconut prices.

Coconut oil is a substitute for the costly palm oil.

"The coconut palm disease in the South has no major impact on the price escalation", Handunge said.

The Ministry of Plantations has directed institutions under its purview to increase coconut cultivation and promote it as a garden crop. (LF)