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Seasonal swings in Sri Lanka’s mango market: A balancing act with economic insights

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Fluctuation of Karthakolomban mango prices during a peak harvest across the country (Dec. 2023).

Chandula Idirisinghe is a Research Assistant working on Agriculture and Agribusiness Development at the Institute of Policy Studies of Sri Lanka (IPS). He holds a BSc (Hons) in Agricultural Technology and Management, specialising in Applied Economics and Business Management from the Faculty of Agriculture, University of Peradeniya. His research interests include agricultural policies and institutions; agricultural productivity; agribusiness value chains; food security and environmental and natural resource policies.

By Chandula Idirisinghe

Sri Lanka’s mango industry, deeply woven into the cultural fabric and dietary needs of Sri Lanka, is thriving with a 12.2% production boost and a 5% yield improvement over the past two decades.

Yet, the industry is characterised by drastic seasonal price swings. Prices are currently low, and another significant drop is expected between September and January, mirroring last year’s 70% plunge in Karthakolomban mango prices.

Regional production concentration has led to price disparities nationwide, highlighting the need for better demand and supply management.

The blog suggests a dynamic, multi-pronged strategy to tackle seasonality over the price disparity based on an IPS study on developing food loss reduction pathways through smart business practices in mango value chains: promoting value-added products, optimising logistics and storage, forming farmer clusters, and tapping into export markets.

Mango is the most widely cultivated fruit crop after bananas in Sri Lanka. According to the Department of Census and Statistics (2023), the average mango cultivation area over the past five years (2018-2023) has expanded by 6.9%, reaching 28,372 hectares, compared to the 2002-2007 average. Furthermore, national mango fruit production has demonstrated a remarkable rise of 12.2%, with an increase per hectare of mango fruit production by 5%.

Sri Lanka boasts a longstanding tradition of mango cultivation. Mangoes are the third-highest consumed fruit in terms of value, following only bananas and papayas. The traditional cultivars ‘Betti’, ‘Karthacolomban’, ‘Vellaicolomban’, ‘Kohu’, and ‘Villard’, and the modern cultivar ‘TomEJC’ have become dominant players within Sri Lankan wholesale/ retail markets.

Over the past two decades, the geographical distribution of mango cultivation has undergone a notable transformation. Nearly two-thirds (65.36%) of mango cultivation in Sri Lanka is currently concentrated in just nine districts. While Kurunegala historically held the dominant position as the leading producer, recent years have witnessed a significant decline in the mango-cultivated areas. Anuradhapura and Monaragala have experienced significant growth, with Anuradhapura surpassing Kurunegala as the current leader in terms of cultivation area.

Witnessing a noteworthy expansion into international markets, fresh mango fruit exports have exhibited a significant upward trajectory since 2017, reaching 374 metric tons by 2022. Dried mango exports followed similar growth, experiencing a notable rise from 2019 to 2021, resulting in 63 metric tons exported in 2022. Despite the recent progress in Sri Lanka’s mango production, fueled by innovative, high-yielding cultivars tailored to specific regions, a persistent challenge remains: the seasonality of production.

The Seasonality Factor and Its Economic Impact

In Sri Lanka, mango production exhibits two distinct production peaks over the year, which pave the way for drastic seasonal price fluctuations. Mango trees in the wet and intermediate zones typically bloom from January to March, with peak harvests from April to July (Yala Season). Conversely, in the dry zone, blooming occurs from July to September, with peak harvests from October to January (Maha season). These regional variations in blooming and harvesting periods are influenced by Sri Lanka’s diverse climatic conditions, primarily by its varying rainfall patterns.

This seasonality creates classic supply and demand imbalances, marked by distinct dual peaks and troughs in prices each year, with the highest fluctuations observed over the past two years. For instance, price data from 2023 shows that even popular cultivars like Karthakolomban can experience significant price drops. During the off-season in September, prices peaked at 252.1 Rs/kg when mangoes were less available. However, by the next peak harvesting time in December, prices had dropped by as much as 70%, reaching 71.2 Rs/kg as the market became saturated with mangoes.

Moreover, Sri Lanka’s mango market shows notable nationwide price disparities – for the same cultivar – alongside seasonal price fluctuations. The mango harvest from wet and intermediate zones saturates their regional markets from April to July, while markets in dry zones are saturated from October to January.

Despite investing in high-yielding cultivars, growers face unpredictable income due to fluctuating market prices, creating financial strain for them. Conversely, on the consumer side, price volatility disrupts purchasing behaviour. During off-seasons, limited availability and high prices can restrict their access to mangoes, particularly for low-income households. This not only impacts dietary choices but also undermines the mango fruit’s role as an affordable source of essential vitamins and minerals.

Way Forward: A Multi-Pronged Approach

A strategic and coordinated approach involving all value chain actors—from growers to consumers—can effectively stabilise price levels, mitigate growers’ financial hardships, and ensure affordable fruit availability year-round.

Rerouting Demand to Value-Added Products: Promoting value-added products such as pulp, jams, dried slices, and chutneys, produced utilising surplus mango fruit from peak seasons, assists in meeting year-round demand while mitigating heightened demand for fresh mangoes during off-seasons.

Logistics and Distribution Network Optimisation: A strengthened distribution network with improved cold chain facilities can mitigate price disparities and ensure nationwide availability of mangoes at fair prices. This involves identifying key production districts, improving infrastructure, streamlining transportation routes, establishing efficient market linkages, and enhancing access to market information. Further, buffer stocking curbs the excessive volatility of prices of fresh mangoes by regulating the gradual movement of fresh mangoes into and out of the markets.

Establishment of Farmer Clusters: Building on a strong foundation, Sri Lanka has already established successful farmer clusters for commercial mango production, such as those under the ‘Nucleus Estates’ initiative by the Agriculture Sector Modernization Project (ASMP) and Lanka Fruit and Vegetable Producers, Processors and Exporters Association (LFVPPEA). Farmer clusters foster sharing knowledge and supply opportunities, and pooling of resources, thereby leveraging growers with economies of scale, amplifying their collective voice, and ensuring a consistent supply.

Untapping Export Potential: Several global markets, like the EU, USA, Middle East, and Australia, hold significant export potential for Sri Lankan mangoes. Meeting their stringent quality standards requires a multi-faceted approach: improving orchard management with Good Agricultural Practices (GAP), Integrated Pest Management (IPM) and training on post-harvest handling and quality control compliance with international regulations. IPS, in collaboration with LFVPPEA, has already supported commercial mango growers in harnessing export potential through training and capacity building under an Australian Centre for International Agricultural Research (ACIAR) project (CS/2020/193).

This blog is based on an ongoing IPS study conducted under the ACIAR-funded project ‘Developing food loss reduction pathways through smart business practices in mango and tomato value chains in Pakistan and Sri Lanka’.

Link to original blog: https://www.ips.lk/talkingeconomics/2024/07/09/seasonal-swings-in-sri-lankas-mango-market-a-balancing-act-with-economic-insights/



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Sarvodaya Development Finance joins Global Banking Alliance, set to host annual board meeting in Sri Lanka

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Chairman Channa De Silva

Remarking a new milestone in its pledged journey towards sustainable financing and inclusive financing,

Sarvodaya Development Finance PLC (SDF) has secured the full membership in the Global Alliance for Banking on Values (GABV), an international network of banks working to build a more sustainable and inclusive financial system.

Through this membership, Sarvodaya Development Finance PLC aims to strengthen its ability to create social and environmental impacts by expanding access to ethical financial tools, supporting community-led development, and promoting environmentally responsible lending. The alliance provides opportunities to engage with global peers, share practical knowledge, and adopt approaches that have worked in similar contexts around the world. It also allows Sarvodaya Development Finance PLC to align more closely with international standards on sustainable finance, build relationships with mission-aligned investors, and stay informed on evolving policy and regulatory trends. As part of this engagement, Sarvodaya Development Finance PLC will host the Asia Pacific Conference and the GABV Annual Board Meeting in Colombo on October 15–16, 2025, bringing together CEOs from over 12 countries to collaborate on advancing values-based banking across the region.

The 17th Annual Meeting of the Global Alliance for Banking on Values was held in Kampala, Uganda, under the theme “Building Resilient Futures.” The event brought leaders from over 70 member banks across more than 45 countries to the GABV network to discuss how values-based banks can respond to global challenges such as climate change, economic inequality, and digital transformation. Channa De Silva – the Chairman and the Nilantha Jayanetti – the Chief Executive Officer of Sarvodaya Development Finance PLC have represented the Company at this event.

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Sanjiv Hulugalle appointed CEO and General Manager of Cinnamon Life at City of Dreams Sri Lanka

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Sanjiv Hulugalle

A Global Hospitality Visionary Returns Home to Lead Sri Lanka’s Most Ambitious Integrated Resort

Cinnamon Life announces the appointment of Sanjiv Hulugalle as the Chief Executive Officer and General Manager of Cinnamon Life at City of Dreams Sri Lanka, marking a pivotal moment in the evolution of Sri Lanka’s hospitality landscape.

With a career that spans over three decades and 12 countries across five continents, Hulugalle brings to Cinnamon Life an unparalleled legacy in luxury hospitality, real estate development, and transformative leadership. From the Maldives to Canada, China to the UAE, he has been at the helm of some of the world’s most prestigious hospitality and real estate ventures.

Previously the Group President of Hospitality & Real Estate at KOHLER Co., Hulugalle drove innovation and strategic growth across a diverse portfolio. At Auberge Resorts Collection, he led the ambitious repositioning of a $210 million development. His 24-year tenure with Four Seasons saw him lead top-tier teams and deliver award-winning results across the globe.

But this latest chapter is deeply personal.

Having been semi-retired, Hulugalle’s return to Sri Lanka was sparked not by circumstance, but by calling and purpose. “This is not just a role,” says Hulugalle. “It’s a way of giving back to the country that raised me—with its gracious hospitality, boundless warmth, and vibrant soul.”

“Sri Lankan hospitality is naturally gracious and kind,” he reflects. “It’s in our DNA. My mother would’ve wanted me to return and give back.”

Redefining Colombo as a City of Dreams

With Hulugalle at the helm, Cinnamon Life is set to emerge not just as a landmark development in Colombo—but as a destination, that captures the imagination of the world. Under his leadership, City of Dreams will embody the essence of modern Sri Lanka: rooted in culture, rich in character, and radiating with opportunity.

In addition to his work in hospitality, Hulugalle is also an active investor in AI-led technologies, residential real estate, and wellness-driven consumer brands, always seeking to blend strategic foresight with heartfelt service.

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Empowering SMEs on capital raising through listing

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(L - R) Rajeeva Bandaranaike, Manuri Weerasignhe, Punyamali Saparamadu, Nikila Darmadasa, and J.F. Fernandopulle

The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), hosted an Issuer Forum in Gampaha aimed at supporting small and medium-sized enterprises (SMEs) in exploring avenues for capital raising through listing on the Colombo Stock Exchange.

The forum, titled “Redefining the Trajectory of Your Business”, provided guidance on exploring effective capital-raising avenues, specifically through listing on the Empower and Diri Savi Boards. These boards offer dedicated listing platforms for SMEs, focusing on sectors such as agribusiness, livestock, energy generation, ICT, and tourism-related ventures. Attracting over 70 participants, the forum offered valuable insights that were well received.

The main presentation of the evening, delivered by Mr. Nikila Darmadasa, Senior Management Associate of the Corporate Advisory Division at NDB Investment Bank Limited, educated the participants on the benefits of capital generation and mobilization through listing on the CSE, outlining the processes and advantages for businesses ready to grow beyond traditional financing models.

A panel discussion on “The Journey Towards Listing and Life After Listing” featured Manuri Weerasignhe, Director, Corporate Affairs, SEC; Rajeeva Bandaranaike, CEO, CSE; Nikila Darmadasa, and J.F. Fernandopulle, Managing Director and CEO, Mahaweli Coconut Plantations PLC. The session was moderated by Ms. Punyamali Saparamadu, Senior Vice President, Commercial, CSE. The panel offered practical perspectives on preparing for a listing, regulatory expectations, and the business journey post-listing.

This initiative reflects the continued commitment of the SEC and CSE to broaden access to capital market opportunities for SMEs across Sri Lanka, enabling them to scale sustainably while contributing meaningfully to the national economy.

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