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Coco oil exports down  | News22Jun16095019 | - MinedBP Business...

Coco oil exports down

Shared/Posted: Jun 22, 2016 at 08:34pm

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The United Coconut Association of the Philippines (UCAP) said coconut oil exports reached 209,982 metric tons (MT) in the January-April 2016 period, 32 percent than the 308,050 MT a year ago.


MANILA, Philippines – The country’s coconut oil exports fell 32 percent in the first four months of the year following the tightness in raw material supply due to the dry spell.

The United Coconut Association of the Philippines (UCAP) said coconut oil exports reached 209,982 metric tons (MT) in the January-April 2016 period, 32 percent than the 308,050 MT a year ago.

“There is a continued tightness of copra, the raw material for making coconut oil, as a result of El Niño, resulting in lower coconut oil production for the period,” said UCAP executive director Yvonne Agustin.

In April alone, exports remained relatively flat at 54,500 MT compared to 54, 776 MT in the comparative period last year.

April’s shipment volume was also significantly lower than the ideal average monthly shipment of 80,000 MT.

Prices of coconut oil in April averaged 1,580 per MT, higher than its competitor palm kernel oil at 1,298 per MT.

However, Agustin said higher prices has little to do with the weak shipment volume, stressing that availability of raw materials remained the biggest concern among coconut oil producers.

“The dry weather condition has been felt in most of the coconut areas in the country. Copra production has been weak since late last year as El Niño strengthened,” she added.

The coconut oil industry is expected to bounce back in the second half of 2016 on the back of the foreseen La Niña that will prevail over the large part of the Philippines.

“There will be significant improvement from last year. But we have to remember that we have a very low base comparison,” Agustin said.

This year, the industry has set a lower export target of 750,000 MT primarily due to the drought.

In 2015, coconut oil exports slipped 1.5 percent to 843,710 MT compared to the 856,973 MT in 2014.

Despite the weakness in demand, the industry was able to exceed the full-year shipment target of 804,000 MT.


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