An improved supply of copra and an increased demand abroad have seen Philippine coconut oil exports rise by 49 percent in the first nine months of the year according to the United Coconut Association of the Philippines (UCAP).
“We had increased supply of copra in the first half of the year and demand also increased in key markets like the US and Europe,” UCAP executive director Yvonne Agustin said. The price of coconut oil has risen to $1,120 per metric ton against $980 per MT in August, making it the agriculture sector’s top dollar earner.
UCAP has also raised the expected shipment volume for the year to 1.1 million MT. It had previously estimated exports to top at 900,000 MT but revised it because a mandated five-percent increase in biodiesel blend did not push through. “While this is not yet implemented, the volume can be exported,” she said.
Biodiesel in the Philippines has a two-percent blend. Increasing the blend could increase the country’s consumption of coconut oil to 350,000 MT from 140,000 MT.
JDS, GMA News