Despite lower volume coconut exports rise 38% to $1.22B

Despite a drop in coconut export volume, revenues rose by 34.74 percent to $1.22 billion in the first seven months from $908 million a year earlier, despite lower export volumes, the Philippine Coconut Authority said Thursday. The volume of shipments slid to 895,215 metric tons (MT) months from 1.497 million MT year-on-year, the PCA said. “Prices we’re exceptionally good. Although we’re not quite optimistic in the remaining months since prices have started tapering down. We noticed a price slash of more than 50 percent in the copra-producing provinces," PCA deputy administrator Arturo Liquete said at the sidelines of the 10th Coconut Festival at the SM Megamall. Copra prices fell to P26 to P27 per kilo from an average of P60 per kilo in recent months, following a decline in domestic demand, the PCA said. Coconut oil remained the top export earner for the period contributing $923.455 million to the total export revenues in January to July. In terms of volume, the country's coconut oil export decline by 43.04 percent to 494,461 MT from 868,111 MT. The volume of copra shipments went down by 73.45 percent to 61.51 MT from 231.65 MT, while that of copra meal declined by 57.32 percent to 209,888 MT from 491,800 MT. The PCA sees coconut oil exports easily reaching $1.3 billion this year. The country's coconut oil export usually goes to the European market. The Philippines also exports the commodity to the United States, China, Japan and Pakistan. PCA Administrator Euclides Forbes said coconut output in copra terms may decline by 12.5 percent to 2.5 million MT in 2011 from 2.86 million MT in 2010. “The lingering effect of El Niño affected the productivity of coconut trees resulting in a reduction in the national copra output," said Forbes. The Philippines is the world’s biggest exporter of coconut oil and other coconut- products. Coconut oil is used in processing oleochemical and as a raw material for personal care, food and health products. — VS, GMA News