China: Hainan's coconut prices fall as imports increase

Consumers are welcoming falling prices after a massive influx of coconuts into the market this winter. In late January, Hainan’s major wholesale markets were selling coconuts for only 4 Chinese yuan ($0.63) apiece, less than half the price than during the same period of last year. Some fruit vendors say that they have been selling thousands of units per day. In August 2021, Hainan experienced drought and low temperatures that led to significantly reduced local coconut production. Combined with last year’s import restrictions, coconuts quickly became a scarce commodity, causing prices to increase dramatically, and coconuts that had been previously selling for 5–6 yuan ($0.79–0.94) apiece were eventually going for 10 yuan ($1.57). Numerous sellers even stopped stocking coconuts altogether for fear that they would not sell. Many Hainanese locals like to enjoy a daily glass of coconut water, but the skyrocketing prices forced some to kick the habit. Now, however, the unit price has ...