Virgin coco oil export increased 138 percent in 1Q 2012

Philippine Coconut Authority Administrator Euclides Forbes said in an interview Monday that Philippine virgin coconut oil exports posted a 138 percent earnings increase in the first quarter of 2012, from $3.17 million during the same period in 2011 to $7.56 million. Also, the volume of coconut oil exports increased by 93.58 percent form 2011’s 888.11 metric tons to 1,719.23 MT in 2012. These increases are caused by the global demand for the oil, fueled by a growing awareness of its health benefits.

 

Philippine coconut oil is exported to 27 countries in Asia, Europe and the United States of America. 

 

Coconut oil exports to France during 2012’s first quarter registered the highest increase of 1,011.76 percent, from $6,836 to $76,000 with a volume increase of 662.96 percent from 2011’s 2.16 MT to 16.48 MT.

 

Taiwan, Finland, Hong Kong, Bermuda, Malaysia, New Zealand, USA, and Germany registered similar increases.

 

“If this trend continues throughout the year, then we see revenues surpassing last year’s total revenue of $2 billion,” said Administrator Forbes.

  

Virgin coconut oil obtained from fresh, mature, coconut kernels by mechanical or natural means, with or without the use of heat, is suitable for consumption without further processing.

 

Overall

 

In order to meet this increased global demand, the Philippine Coconut Authority, or PCA, is implementing the P838.497 million Accelerated Coconut Planting and Replanting Project to increase overall coconut output to, in copra terms, 3.4 million MT with coconut oil exports to be as much as 925,000 MT in 2012. 

 

The Project allotted P502.31 million for the planting/replanting program and P336.18 million for the salt fertilization program. 

 

In 2011, combined revenues from all coconut products exports reached an all-time high of $2 billion. — DVM, GMA News