Sri Lanka: Coconut Market 2024

Coconut Market Size in Sri Lanka

The Sri Lankan coconut market shrank to $X in 2022, which is down by -7.1% against the previous year. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.2% against 2020 indices. Coconut consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Coconut Production in Sri Lanka

In value terms, coconut production reduced to $X in 2022 estimated in export price. In general, the total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.3% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 45%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

In 2022, the average coconut yield in Sri Lanka contracted to X tons per ha, waning by -10.1% against 2021 figures. Overall, the yield recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24% against the previous year. As a result, the yield reached the peak level of X tons per ha, and then reduced in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the coconut harvested area in Sri Lanka rose rapidly to X ha, surging by 5.4% compared with 2021 figures. The harvested area increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2014 with an increase of 11% against the previous year. Over the period under review, the harvested area dedicated to coconut production attained the peak figure at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Coconut Exports

Exports from Sri Lanka

In 2022, exports of coconuts from Sri Lanka declined rapidly to X tons, waning by -16% compared with the year before. Overall, exports, however, saw buoyant growth. The growth pace was the most rapid in 2019 with an increase of 77% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped rapidly in the following year.

In value terms, coconut exports declined sharply to $X in 2022. Over the period under review, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.8% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 58% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for coconut exports from Sri Lanka, with a 62% share of total exports. Moreover, coconut exports to the United Arab Emirates exceeded the volume sent to the second major destination, Pakistan (X tons), twofold. Iran (X tons) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates totaled +37.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+2.7% per year) and Iran (-26.5% per year).

In value terms, the United Arab Emirates ($X), Pakistan ($X) and the UK ($X) constituted the largest markets for coconut exported from Sri Lanka worldwide, together accounting for 89% of total exports.

The United Arab Emirates, with a CAGR of +48.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, reducing by -4.5% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Lebanon ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Sri Lanka

In 2022, purchases abroad of coconuts decreased by -99.9% to X kg for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports showed a precipitous decrease. The pace of growth appeared the most rapid in 2018 with an increase of 75% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut imports fell remarkably to $X in 2022. Overall, imports faced a dramatic slump. The most prominent rate of growth was recorded in 2014 when imports increased by 165% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, India (X kg) constituted the largest coconut supplier to Sri Lanka, with a 74% share of total imports. Moreover, coconut imports from India exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), threefold.

From 2012 to 2022, the average annual growth rate of volume from India amounted to -49.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-64.4% per year) and Russia (0.0% per year).

In value terms, the United Arab Emirates ($X), India ($X) and Russia ($X) constituted the largest coconut suppliers to Sri Lanka.

Russia, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, increasing by 143% against the previous year. Over the period under review, the import price enjoyed resilient growth. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+58.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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