Mangaluru: Areca nut prices doubled, Rs 505 for old stock

Mangaluru: The price of white areca nuts that is grown widely in Coastal Karnataka and some parts of Kerala has increased drastically over a span of one year so much so that, the old stock has been priced at Rs 505-520kg/kg, while the new stock stands at Rs 425-440/kg in the domestic market.

The increase in the area nut prices can be attributed to the low harvest of the crop during the current season. It can also be because of the tightening of the country’s borders, preventing the arrival of illegal imports from other countries.

About a year ago, the price of the old stock was around Rs 260, while the new stock was at Rs 220.

Informing why the areca nut harvest has been down this time, Kishore Kumar Kodgi, President of The Central Arecanut and Cocoa Marketing and Processing Co-operative Limited (CAMPCO) said that due to the rains and fruit rot disease, the areca nut harvest has been down by over 40%, increasing the demand for areca nut, especially in North India.

He further informed that many big farmers have resorted to hoarding the areca nuts, which has resulted in a record jump in the prices.

Kishore anticipates an increase in the price, says that the prices have doubled but the yield has also dwindled.

The procurements centers in Karnataka and Kerala did not see many arrivals, despite CAMPCO announcing the revised price of Rs 505 a kg for old stock.