Coconut prices amid a lack of offer and bad weather

When the family of Mohamed Fahmy Fat in Kuala Lumpur prepared only half the usual amount of food during the last Eid Al -Fitr celebrations, the reason was, he said, the ongoing shortage of coconut, which is a substantial ingredient in many Asian kitchens. Fahmy, a 45 -year -old restaurant manager, said: ‘Fresh coconut milk was not available during the festival, adding that he had to reduce the quantities of his distinctive dishes such as’ Beef Rendang ‘, and continued:’ I just managed to buy three packages instead of six, and that wasn’t enough. ‘The bad weather in some of the largest coconut producing countries has caused a decline in production, which has led to the shrinking global supplies and high prices in some areas. Productive countries such as the Philippines and Indonesia are considering drafting export restrictions, while consumers are advised to become alternatives to this ingredient used in daily cooking and in a wide variety of products such as vegetable milk and energy drinks. A sharp decline in production and the Philippine, the largest coconut producer in the world, expect a decrease in production by 20% this year, due to two consecutive two consecutive climatic conditions – from drought to hurricanes – which have weakened trees in the southern coastal farms, which are one of the most important export areas. “The main reason for the decline in offer is climate change,” said Henry Rapirroga, head of the company’s executive operations, noting that “these climate phenomena have led to the decline in crops, the delay of the crop and the difficulties of moving farmers,” Henry Rabirroga, head of the executive operations of “Axelum Resources”. The Philippine coconut said it holds talks with producers about awarding a portion of coconut oil for local consumption before being exported. The government said in a statement: “This plan aims to ensure local supplies and price stability without affecting our export commitments.” Rapirroga has indicated that other countries such as Indonesia, Thailand and Vietnam also have a shortage of offer due to weather conditions and increased local consumption. The imposition of an export ban in Indonesia, the second largest producer worldwide. The Ministry of Industry has suggested that an export ban imposes between three to six months, in addition to the fees on issued shipping and determining reference prices, in an effort to contain local prices that have risen 150% over the past three months. In Sri Lanka, prices in the weekly auctions in the capital have doubled over the past year due to the decline in crops due to bad weather and the spread of disease. Last February, the government agreed to request the producers to import Klapperkerne to reduce the pressure on the market. At the same time, global demand is expected to continue, thanks to the increasing reputation of coconut as a vegetarian, delicious and lactose -free. The “Axelium” company indicated that the United States represented its largest market, with increasing demand in Europe and Latin America. Products derivative products, such as oil, milk and dried chips, are increasing popular, thanks to the growing tendencies to health and sustainability. The ‘International Coconut Group’ expects coconut oil to increase slightly to 3.23 million tonnes, compared to 3.2 million tonnes last year, with the United States, the European Union and China to the list of importers. Low global shares The US Department of Agriculture expects global shares of coconut oil to fall to the lowest level in four years at the end of the 2024-2025 season. This scarcity has already led to the high prices of coconut oil, which has multiplied since 2023 to reach its highest levels in three years, according to the “Commune 3” data. This has encouraged some Malaysia traders to temporarily close their business, while the media of local consumers asked alternatives such as cooking or yogurt to prepare curry, sauces and sweets. But for the restaurant director Fahmy, these alternatives simply do not compensate for the absence of coconut. He said: “Coconut milk is the pulse of Malaysian cuisine. If it changes or replaces it, it will completely spoil the taste.”