Coconut price in Sanya sees record high in 10 years
Sanya coconut prices this month have soared to record high in the past ten years, with fears that there are further increases to come, reports xinhuanet.com.
Coconut traders said prices have been surging day by day. They said the average price of coconut sold for customers was 7 yuan per one, the highest ever since 2002.
The traders attributed the coconut price hike to the falling market supply against the increased demand.
Each year, Hainan has a production of 200 million coconuts, while the market demand reaches 2 billion, which can hardly meet the balance.
"We find it difficult to purchase the fresh coconuts right now. Many coconut farmers are required to give away their lands for the government projects. It is heard that low production will force to import coconuts from other countries such as Vietnam”, said Miss Ma, a native coconut trader said.
According to insiders, the prevailing tightness in coconut supply and import from other countries will keep buyers to pay higher prices in the short term.