Exports of coconut oil and other coconut by-products reached an unprecedented level of $1.57 billion, an increase of 78% from last year’s value of $884 million. Volume of coco exports increased by 55.5%, totalling 2,355,521 MT compared with 2009 figure of 1,514,942 MT.
Philippine Coconut Authority (PCA) Administrator Oscar G. Garin said this is the fifth in the country’s history when coconut exports hit the billion-dollar mark. The first time was in 1979 with $1,037,373,000.
Coconut oil remains the top coconut export product. This year, coconut oil exports reached earnings of $1.217 billion, more than double that of last year’s $588 million, buoyed by higher coco oil prices in the world market. Coconut oil export volume grew to 1,355,618MT, up 64% from last year. Apart from overseas demand, the industry also catered to a strong local demand, mainly driven by the mandated 2% blend of coco methyl ester with petro diesel.