Coconut prices bounce back after sharp drop during Covid
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Prices of dried coconut in Ben Tre Province, the Mekong Delta coconut-farming hub, have recovered to VND3,300-4,200 (US$14-18 cents) per fruit after falling steeply in the last two years.
“The prices are the highest in the last two years” when nut exports fell due to the Covid pandemic, Huynh Phuc Hau, who owns two hectares of coconut trees in the province’s Giong Trom District, said.
Before the pandemic, prices were VND5,800-6,700 for dried coconuts, enabling him to earn VND6-10 million a month by selling them.
Nguyen Van Binh, a trader in Ben Tre City, said due to the low prices in recent times many coconut farmers neglected their orchards and even switched to growing other fruits, resulting in decreased output of coconut and lower quality.
Now he manages to buy 700-900 coconuts a day, half the volume at this time a few years ago.
Huynh Quang Duc, deputy director of the Ben Tre Department of Agriculture and Rural Development, said the global market for coconut has begun to recover after the pandemic, and so prices are increasing again.
The province hopes the nut could be exported to the U.S. and China, two major markets, under official quotas, he said.
Ben Tre has over 74,000 hectares of coconut orchards, or 50% of the country’s total area, and an annual output of 690 million dried coconuts, whose copra is used for processing including oil extraction.
Some 62% of the province’s population depends on coconut trees for its main source of income.
Questions & Answers
Q.What were the peak prices for dried coconuts before the pandemic hit?
What were the peak prices for dried coconuts before the pandemic hit?
Before the pandemic, prices for dried coconuts were significantly higher, ranging from VND5,800 to VND6,700 per fruit. This allowed farmers like Huynh Phuc Hau to earn a monthly income of VND6-10 million from selling them.
Q.How did low prices during the pandemic affect coconut farmers and output?
How did low prices during the pandemic affect coconut farmers and output?
During the period of low prices, many coconut farmers neglected their orchards or switched to growing other fruits. This behaviour led to a decrease in the overall output and the quality of coconuts produced in the region.
Q.What proportion of Ben Tre province's total population relies on coconut farming for their income?
What proportion of Ben Tre province's total population relies on coconut farming for their income?
A substantial portion of Ben Tre province's population, specifically 62%, depends on coconut trees as their primary source of income. The province accounts for 50% of the country's total coconut area.
Q.Which specific markets does Ben Tre province hope to export coconuts to under official quotas?
Which specific markets does Ben Tre province hope to export coconuts to under official quotas?
Ben Tre province hopes to export its coconuts, including the 690 million dried coconuts produced annually, to the U.S. And China. These two countries are considered major markets for the nut.
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