Quantcast
Latest Stories

Coconut oil exports rose by 63% in May

By

A 63.3-percent year-on-year surge in the volume of coconut oil (CNO) shipped out in May has boosted the industry’s  hopes of surpassing its full-year export goal.

Data from the Philippine Coconut Authority showed that about 122,000 metric tons of CNO valued at about $102 million were exported in May.

The shipments were composed of some 100,997 MT of crude coconut oil; 20,465 MT of refined, bleached oil, and 397 MT of refined, bleached and deodorized oil.

Two-thirds of the volume went to Europe—particularly The Netherlands, Italy and Spain—while one-fifth was shipped to the United States. China, Japan, Malaysia and Indonesia also took in significant amounts.

The May export figure brought outbound CNO shipments for the first five months of the year to about 588,000 MT, up by 90 percent from the year-ago level.

In terms of value, CNO exports grew by 21 percent to $506.9 million.

Last month, the United Coconut Association of the Philippines (UCAP) expressed confidence that the volume of crude CNO exports would exceed the target for 2013 due to the later-than-expected implementation of the increase in biodiesel blend rate.

UCAP has set a goal of shipping out 900,000 metric tons of crude CNO this year, down from 925,000 MT for 2012.

UCAP executive director Yvonne Agustin said that when the target was set, the group had considered the early implementation of the B5 blend.

Agustin was referring to the required use of diesel with at least 5-percent coco methyl ester (CME) content. Currently, the requirement is for a CME-diesel blend of at least 2 percent.

The National Biofuels Board is scheduled to meet next week after wrapping up a roadshow of public consultations on the increase blend.

Agustin said that with the use of B5 coming much later than UCAP expected, CNO stocks will be made available for the overseas market instead of being used domestically for blending with diesel.

Considering that, she said CNO exports could surpass one million MT in 2013.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , coconut oil , Exports

  • Pablo Juan

    Meanwhile.. coconut farmers continue to languish in poverty due to low coconut prices. Cartel.



Copyright © 2014, .
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
Advertisement
Advertisement

News

  • How other faiths observe Holy Week
  • No noise, partying in Boracay on Good Friday
  • More legal woes for Cedric Lee
  • NATO ups military presence amid Russian threat
  • DOH issues official statement on confirmed case of MERS-CoV
  • Sports

  • Tenacious Iran frustrates Qatar to retain Asian Club volleyball crown
  • Floyd Mayweather is ESPN’s top-paid athlete
  • Pistorius trial: Judge sets 2-week adjournment
  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Filipino rock icons to hold silent concert
  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • Business

  • Russian economy hit by Ukraine turmoil
  • PSEi firms up ahead of Lenten break
  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Netizens welcome Japan’s visa-free travel plan
  • Visa-free travel by Filipinos to Japan still a proposal
  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Marketplace