COCONUT oil (CNO) exports rose over 37% in the first nine months as production was boosted by more favorable weather, resulting in an upward adjustment to the industry’s full-year export target.
Citing preliminary data, United Coconut Association of the Philippines (UCAP) Executive Director Yvonne T. Agustin said CNO exports hit 654,623 tons in the first nine months, up 37.86% from a year earlier.
In September, exports totaled 65,821 tons, up 36.69%.
Prices have also improved to an average of $1,580 per ton during the nine months from $1,378 a year earlier.
The CNO subsector experienced tight supply last year due to the prolonged impact of an El Niño-induced dry spell.
In view of the September data, UCAP raised its target for CNO exports to 875,000 tons for the year, from 765,000 tons originally.
“The original target was about to be breached. It would have taken a poor performance in the remaining months not to surpass the earlier target,” Ms. Agustin said in a phone interview on Thursday.
CNO shipments hit 726,827 tons in 2016, down from 843,710 tons in 2015.
CNO is a raw material for various food, cosmetics and energy-related products.
The Philippines is the top CNO exporter, with Europe and the US as the biggest importers. – Janina C. Lim
