Coconut oil exports rose 81% in January
Coconut oil exports jumped by 81.35 percent in January to 115,186 metric tons from 63,517 MT in the same month last year, preliminary data from the United Coconut Association of the Philippines (Ucap) showed.
“There was an increase in the demand in our existing markets,” said Yvonne Agustin, Ucap executive director, noting that the industry’s major markets such as the United States and Europe continued to show signs of recovery from the economic slowdown.
Ucap earlier reported that in 2012, the total outbound shipment of coconut oil fell short of its full-year target due to the softening of demand for the product.
Last year, coconut oil exports reached 851,913 MT, a 3.7-percent increase from the 2011 level but short of the industry target of 925,000 MT.
Agustin, in earlier interviews, attributed the poor performance of coconut oil exports to weaker external demand.
In general, however, the value of coconut exports fell by 21.57 percent in 2012, mainly due to the lower prices of coconut products in the world market.
To resolve the country’s dependence on the prices set by the world market, Philippine Coconut Authority Administrator Euclides Forbes said the attached agency of the Department of Agriculture was crafting a plan to establish an industrial estate where coconut product processing will be done.
The country’s output, thus, can be used for manufacturing products intended to serve the needs of the domestic market.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94