VCO exports surge 108%

VIRGIN coconut oil (VCO) continued to be the Philippines’ top-earning non-traditional, coconut-based export, showing a 108-percent year-on-year surge in monthly volume last March, the United Coconut Associations of the Philippines (UCAP) said.

UCAP data in March showed 11 niche coconut products chalking up more than $100,000 each in export earnings for the month. Of the 11, the top five cornered more than $1 million each in receipts.

VCO shipments earned $19.84 million or some P880 million, with the United States taking 76 percent of shipments that totaled 4,409 metric tons. Other major destinations were Canada, Japan, Germany and the United Kingdom.

Coconut water was second with $3.6 million, earned from shipments totaling 2.7 million liters. This was 69 percent more than the volume shipped out in March 2014.

The US cornered 63 percent of shipments or about 1.7 million liters while smaller volumes went to Australia, Canada, the United Kingdom, and 14 other destinations.

Coco coir or fiber and coir products came in at third place as exporters earned some $1.3 million from shipments totaling 1,063 tons. This was 69 percent less than the year ago volume.

Fourth was bath soap with $1.3 million from the sale of 652 tons, or a decrease of 20 percent in volume from the same period last year.

Fifth was hydrogenated coconut oil, earning a total of $1.29 million from 1,876 tons — with the volume ballooning sevenfold.