The Commodities Export Marketing Authority (CEMA), trading as Solomon Commodities, has announced a record-breaking economic contribution from the copra sector, injecting $100 million into the Solomon Islands economy in 2024.
The latest Copra Export Report highlights a surge in production, pricing, and exports, reinforcing the industry’s critical role in national development.
In 2024, total copra purchases from local farmers reached 14,000 metric tonnes (MT) at an average price of $5 per kilogram, contributing a remarkable $70 million to the rural economy. This surge has provided significant income opportunities for local farmers and reinforced the Solomon Islands’ standing in the global copra market.
A total of 8,000MT of bulk copra was exported, generating $45 million in revenue. Additionally, 6,000MT of copra was processed into 5,000MT of copra oil, earning $41 million, and 2,744MT of copra meal, earning $4 million.
The 2024 performance marks a significant increase from 2023, when total purchases reached 15,000MT at an average price of $3.50 per kilogram, injecting $52 million into the rural economy.
A total of 6,780MT of bulk copra was exported, generating $32 million in revenue. Additionally, 8,200MT of copra was processed into 4,700MT of copra oil, earning $42 million, and 2,200MT of copra meal, earning $3.1 million.
With total industry earnings in 2023 amounting to $77.1 million, the 29.7% increase in 2024 underscores the continued growth and impact of the copra sector on the national economy.
CEMA recognizes the key exporters responsible for the sector’s success:
These exporters have played a pivotal role in strengthening the Solomon Islands’ position in international markets, ensuring continued demand and profitability for copra farmers.
Director of the CEMA Cabinet Sub-Committee, Simon Chottu, emphasized the vital role that farmers play in driving the success of the copra industry:
“Our hardworking farmers are the backbone of the copra sector, and their dedication has enabled us to achieve this milestone. CEMA remains committed to ensuring that farmers receive fair prices, improved market access, and better processing facilities.”
Looking ahead, CEMA remains committed to expanding the copra industry by supporting local farmers, improving processing facilities, and securing better market access. Plans include enhancing productivity, increasing pricing stability, add value and reinforcing export strategies to sustain growth in the sector.
With these efforts, the Solomon Islands is poised to further capitalize on its copra industry, ensuring long-term benefits for rural communities and national economic prosperity.