Shipments of coconut oil bounced back to “normal” export levels in November this year because of sustained demand from key markets, as well as stable supply of copra, the United Coconut Association of the Philippines (UCAP) said.
UCAP Executive Director Yvonne Agustin, citing preliminary industry data, said that coconut exports reached 72,750 metric tons in November 2013, from 43,427 MT a year ago.
“We are comparing with a low base when copra supply was tight but now we have returned to normal levels,” she said.
Agustin also said that the industry has enough copra stockpiles to meet the 1.1- million MT export target this year following the devastation caused by Super Typhoon Yolanda to coconut plantations in Central Philippines. In fact, Agustin said that coconut oil shipments have already reached 1.036 million MT in the first eleven months of 2013.
“It’s very likely that we will hit the target,” she said.
Agustin said that they are still assessing the extent of the typhoon damage to coconuts and copra stockpile for the following year.
“There will of course be a reduction in [production]volume [of copra]and we will feel the effects of this next year. But we are still determining this,” Agustin said.
The Philippine Coconut Authority (PCA) earlier said that over 34 million trees have been confirmed damaged by Yolanda in Samar, Leyte, and in Western Visayas. This comprises 10 percent of 340 million coconut trees in the country.