Tuesday, December 5, 2023

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Sri Lanka targets US $ 2 b from coconut-related product exports

By: Staff Writer

Colombo (LNW): With the demand for coconuts surging both domestically and internationally, Sri Lanka is facing production challenges and issues with exports to major markets like the US and the European Union (EU).

Additionally, the shortage of coconuts has become a pressing issue, leading to a need for greater cooperation and research to bolster the industry’s growth.

Amidst these challenges, Sri Lanka is set to achieve an ambitious goal of achieving $ 2 billion in export income from coconut-related products over the next 5 to 10 years.

This was disclosed by Industry and Plantation Minister Dr. Ramesh Pathirana emphasizing the vast potential for export income from coconut-related products, noting that the last two years saw the highest recorded values at $ 836 million and $ 817 million, respectively.

This indicates a remarkable 20% increase in export income within the sector. Sri Lanka is projected to yield an impressive harvest of around 3 billion coconuts this year, marking a significant milestone in recent history.

This follows last year’s record of 3.2 billion nuts and the previous year’s high of around 3 billion. The Minister projected that the revenue from coconut-related products could soon surpass the $ 1 billion mark, with an ultimate target of $ 2 billion in the next 5 to 10 years.

To facilitate this growth, Sri Lanka produced a historic high of 5.5 million coconut plants last year, with a focus on hybrid varieties.

The creation of the second coconut triangle, coupled with the country’s existing coconut cultivation potential, is anticipated to further boost production.

The CRI has also launched initiatives to minimise waste in local consumption, ensuring more coconuts are available for export.

He highlighted the successful initiatives carried out in conjunction with International Coconut Day on 2 September, including the establishment of a new coconut triangle representing the Northern Province.

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