Sri Lanka coconut auction prices continue to climb
ECONOMYNEXT – Sri Lanka raw coconut prices grew 4.52 percent to 45,265 rupees for 1000 nuts at an auction in Colombo on January 16, 2020, up from 43,305, on January 16, extending gains made over several weeks, official data showed.
The top price rose to 52,100 rupees for 1,000 nuts from 50,100 rupees from a week earlier.
The lowest price was 39,500 rupees, up from 37,500 rupees a week earlier.
Sellers offered 414,000 nuts for the auction and 322,000 were sold.
Sri Lanka’s coconut production grew 19.2 percent to 2.89 million nuts in the 11 months to November from a year earlier, according to Central Bank data. In November output grew only 2.1 percent to 236.1 million nuts.
However exports had picked up.
Coconut product exports were also up 7.2 percent 307.7 million US dollars in the 11 months to November. In 2018 coconut product exports fell 10.6 percent to 311 million US dollars.
Coconut prices were up over the past three months, with global commodity prices also picking up. Sri Lanka’s rupee collapsed in 2018, and the prices of exported (traded) goods eventually adjust upward. (Colombo/Jan 17/2019)