The price of coir fiber has remained stagnant in 2024, with consistently low levels observed throughout the year. Although prices were slightly higher than in 2023, they continued to be weak during the first half of 2024. In Indonesia, coir fiber prices stabilized at $110 per metric ton, while in Sri Lanka, they fluctuated between $56 and $68 per metric ton during the same period.

It's notable that the coir fiber market experienced prolonged price depression in 2023, following a downturn in the previous year. In Indonesia, the average price of coir fiber significantly dropped to $96 per metric ton, marking a 46% decline compared to the average price in 2022. Similarly, in Sri Lanka, the average price stood at $49 per metric ton from January to December 2023, reflecting a 34% decrease from the previous year.

Despite these market challenges since 2022, major exporters such as India, Indonesia, and Sri Lanka have continued to play vital roles in global trade. According to the latest report from India’s Ministry of Commerce and Industry, total exports of coir and coir products reached 583,563 tons between January and May 2024, representing a 24% increase in volume compared to the same period in 2023 and generating $170 million in revenue. Coir pith and fiber remained the dominant products, accounting for over 98% of the total volume and 86% of export revenue. Key export destinations included China, European countries, and the USA, collectively accounting for more than 85% of global demand.

In Indonesia, the export volume of coir-based products from January to June 2024 totaled 9,579 metric tons, reflecting a 24% decline compared to the same period in the previous year. This decrease in volume was accompanied by a 29% drop in export value, indicating a downward trend in product prices. Over the past five years, Indonesian coir exports have consistently declined, with a Compound Annual Growth Rate (CAGR) of -5% in quantity and -21% in value. Despite this decline, Indonesian coir products have expanded their global reach. In 2019, these products were exported to 13 countries, and by 2023, they reached 23 countries. Key export destinations included China, South Korea, and Australia, which together accounted for over 95% of the exported volume. Coir fiber and coir pith remained the primary products exported from Indonesia to the global market.

In contrast, Sri Lanka experienced an upward trend in the export of coir products during the first half of 2024. During this period, coir product exports reached 256,007 metric tons, an 8.4% increase compared to the same period last year. Export revenue also increased by 10.27%, amounting to $113.8 million. It is worth noting that export revenue for coir-based products in 2023 had decreased by 15%. Moulded coir products used in horticulture emerged as the largest contributor to Sri Lanka's export revenue from coir-based products, generating $89.7 million, representing over 79% of the total export value in January-June 2024. Other significant contributors to export earnings included mattress fiber, coir pith/dust, tawashi brushes, and twisted brushes. Primary export destinations for moulded coir products for horticulture from Sri Lanka included Mexico, China, Morocco, Japan, South Korea, the USA, and Peru.