ECONOMYNEXT – Sri Lanka earned 3,439 million rupees in February from the export of coconut water, its Minister of Agriculture and Plantation Industries has said.
“It has been possible to earn an income of 3439 million rupees by February 2024 from exporting coconut water from Sri Lanka,” Minister Mahinda Amaraweera said on social media.
“If not for wildlife eating crops this would have been higher; around 300 million coconuts are lost annually due to wildlife damage,” Amarweera posted on his Facebook page.
In February last year, Sri Lanka earned 2705 million rupees from exporting coconut water, according to Coconut Development Authority data.
President of the Coconut Development Authority, Roshan Perera, said there had been an increase in export income of 734 million rupees by February this year compared to last year.
There is a growing demand for coconut water, an isotonic liquid considered a superfood. The natural energy drink can replenish fluids and minerals of the human body as it contains glucose, potassium, calcium, magnesium and phosphorus.
Sri Lanka currently uses about half of the country’s total coconut production, which is around 3 billion nuts. With approximately 1.7 to 1.8 billion nuts consumed domestically, there’s a surplus of about half a billion nuts available for industrial use.
Industry professionals have said that by improving efficiency, boosting productivity, and expanding cultivation, the tropical island nation could potentially increase coconut production by up to half a million or at least 250,000 nuts, leading to more foreign exchange earnings.
Sri Lanka’s full potential in the global coconut industry remains largely untapped, Randeewa Malalasooriya, Chief Executive and Director of CBL Natural Foods Cluster, told Economynext.
Earlier this year, Amaraweera warned cultivators to protect crops from the prevailing El Nino weather condition.
Sri Lanka’s average coconut prices rose 0.79 percent to 69,225 per 1,000 nuts at an auction on March 21, data from the Coconut Development Authority shows.
According to the Sri Lanka Export Development Board, coconut and coconut related products made up 6.11 percent of the country’s total exports, which showed a slight increase from the 6.4 percent in 2022. (Colombo/Mar26/2024)