- By Sahelee Rakshit
- Thu, 28 Nov 2024 04:52 PM (IST)
- Source:JND
Coconut Price Hike: Globally, consumers are feeling the effects of rising coconut and related product costs, with India seeing the highest prices for copra and coconut. In contrast, Sri Lanka has the highest prices for desiccated (grated) coconut and coconut oil.
All of the major coconut-producing countries have seen a sharp increase in coconut prices during the last three months. However, Sri Lanka and India have seen the biggest price hikes. India had a far larger gain of USD 282 per ton over the past year, compared to USD 52 per ton in the Philippines.
Concerns over the possible effect on exports have been raised by the spike in domestic coconut prices in India, which are currently higher than in many other nations. The fact that by-products like coconut oil, desiccated coconut, and coconut husk cost more overseas than in India is comforting, though.
In November, coconut prices in India were USD 642 per tonne, compared to USD 176, USD 259, and USD 358 in the Philippines, Indonesia, and Sri Lanka.
In comparison to Sri Lanka (USD 1,498), Indonesia (USD 943), and the Philippines (USD 873), India's copra prices were higher at USD 1,570 a tonne.
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At USD 2,559 per tonne, Sri Lanka had the highest price of coconut oil, followed by India at USD 2,543 and the Philippines at USD 1,716.
India's price of desiccated coconut was USD 2,903 per tonne in November, while Sri Lanka's price was USD 3,343 per tonne. By contrast, Indonesia charged USD 3,000 for it, while the Philippines charged USD 2,205.
A lack of coconuts is the cause of the steep price increase, which has ranged from USD 50 to USD 1,600 per tonne over the last 12 months. By November 2024, the price of desiccated coconut in Sri Lanka had risen from USD 1,687 in November 2023 to USD 3,343.
Prices have increased as a result of restrictions on the importation of edible oil and decreased production in India.