Sri Lanka, Feb. 4 -- The chairman of the Coconut Development Authority, Shantha Ranatunga, revealed that a Cabinet paper will be presented this week to authorize the import of several coconut products in a bid to prevent an unnecessary coconut price hike in the local market.

Citing a report by the coconut research institute, the chairman claimed that the island is in short supply of 200 million nuts from January to April this year, driven by a drop in coconut harvests this off-season.

Furthermore, Ranatunga highlighted that the current coconut price hike was prompted by a drop in the coconut harvest during the off season.

The Coconut Research Institute projects a deficit of 200 million nuts from January to April, he said, noting that t...