Sri Lanka sugar, rubber production rose, while fish, tea and coconut declined in Oct: CBSL
Sri Lanka’s sugar and rubber production rose in October 2024, with sugar up 109.8% and rubber 38% year-on-year. However, fish, tea, and coconut outputs declined by 13%, 7.5%, and 24%, respectively. Global price trends impacted export crops, with pepper and cinnamon showing gains. Paddy production for the 2024 Yala season is forecasted at 2.02 million metric tons, an 11.4% increase.
ECONOMYNEXT – Sri Lanka’s production of sugar and rubber rose in October/November 2024, while its fish, tea and coconut declined, the agriculture sector data bulletin by the Economic Research Department of the central bank showed.
Domestic sugar production increased by 109.8 percent on year on year basis during October.
International sugar prices decreased amid the ongoing crushing season in India and Thailand and improving sugarcane crop prospects in the main producing countries, CBSL noted.
Domestic rubber production increased by 38.0 percent year on year during October.
“Natural rubber prices in global markets depicted a sharp decrease in November 2024, mainly attributed to waning demand from China, major importing nation, and the cautious approach of enterprises on the EU’s delay in its deforestation regulation proposal.”
The island nation’s fish production decreased by 13.0 percent, year on year, in October, with a notable decline in inland fishing activities.
Domestic tea production also decreased by 7.5 percent.
“Global tea prices declined in November 2024 compared to the previous month, with two major auctions Kolkata and Colombo reporting lower average prices but Mombasa reporting slightly higher average prices.”
Domestic coconut production decreased by 24.0 percent y-o-y in October.
In November, the market prices of export crops such as pepper, clove, cocoa, cardamom and cinnamon experienced
an increase, while prices of coffee, nutmeg, ginger and turmeric registered a decline.
Earnings from exports of spices increased in October, “mainly due to the strong performance in exports of pepper and cinnamon.
Paddy production forecast for the 2024 Yala season, based on the sown extent reported as of end September, is 2.02 million metric tons. This is a 11.4 percent increase from the previous Yala season, CBSL noted.
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Source : Economy Next
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