Philippine coconut oil exports fell by half in the first four months of the year due to tight supply of raw materials, coupled with the slowdown in coconut production, the United Coconut Association of the Philippines (UCAP) said on Wednesday.
In a telephone interview, UCAP executive director Yvonne Agustin, citing preliminary industry data, said that CNO exports fell 49 percent to 237,831 metric tons in January-April 2014, from 466,111 MT during the same period in 2013.
It was the fifth straight month of decline as the industry continued to reel from the effects of Super Typhoon Yolanda. “Also, there’s this natural slowdown in production due to biological stress after two consecutive years of good production,” Agustin said.
In April alone, CNO exports dropped 26.6 percent to 62,621 MT from 86,641 MT a year earlier. Prices of CNO during the month averaged $1,345 per MT, much higher than its competitor palm kernel oil at $1,290. In March, CNO exporters enjoyed a premium price at $1,389 per MT, compared to its competitor palm kernel oil at $1,378 per MT.