Coco oil export surges by 87%

MANILA, Philippines–Philippine shipments of coconut oil, the country’s top agricultural export, surged by 87 percent year-on-year in January to reach 79,250 tons, showing a good start this year amid expectations of depressed output.

According to the United Coconut Associations of the Philippines (UCAP), shipments swelled to 79, 250 tons from 42,360 tons in January last year.

UCAP executive director Yvonne Agustin said the January performance was a welcome development after a 28-percent drop in cargos in 2014.

“We surpassed the average monthly shipment of 80,000 tons in January,” Agustin said. “But we realize that the base figures from early 2014 were low.”

Even then, she expressed hope that strong numbers would continue throughout the first quarter when buyers replenish their stocks.

Industry players have set a goal of shipping out 804,000 tons of CNO in 2014, lower than the 850,000-ton goal in 2013, considering that coconut producing areas—especially in the Visayas—are still recovering from the effects of destructive typhoons.

Also, coconut trees are said to be in low-output year based on historical trends.

The industry is also reeling from infestation of the coconut scale insect (CSI), which ravaged most of the Calabarzon region and even some part of Basilan.