Total coconut product exports rose 12% to an estimated Rs. 84 billion (US$ 560 million) last year compared to 2015 with big increases in poonac, vinegar and virgin coconut oil, according to the Ministry of Plantations Industries.
The export of poonac, a valuable animal feed ingredient with high levels of protein, is estimated to have jumped almost 300% last year to 16,680 MT from 4,184MT in 2015. Poonac, also known as coconut oil cake, is the residue left after the removal of oil from copra, the dried coconut kernel used to extract oil. Annual coconut production is now about three billion nuts. Plantations Industries Minister Navin Dissanayake said there is a strong demand for coconut products and the government aims to increase coconut production and export earnings by encouraging cultivation this year.
“Earnings from coconut product exports can go up to $1 billion from around $500 million now if we can get more nuts for processing,” he told a press conference at the ministry. “We have a shortfall of around 500 million nuts. If we can increase coconut production we can make more value added products and increase foreign exchange earnings. Earnings from rubber product exports are about a billion dollars, from tea $1.6 billion. In coconut too we can easily reach $1 billion export earnings.”
According to the Coconut Development Authority exports of vinegar also rose in 2016, to over 52,000 litres from 33,500 litres in 2015. Coconut water exports rose to over 3,100 MT from 2,900MT in 2015 and coconut milk exports rose to 31,300 MT from 21,957 MT in 2015.