2011 coconut exports seen at an all-time high of $2 B

Exports of coconut products is expected to reach an all time high of $ 2 billion last year, private sectorled United Coconut Association of the Philippines ( UCAP) said Wednesday.

" This is record- high. It surpassed the all time high recorded in 2010. And if prices remained high for the rest of 2012, we may post an increase in export receipts over 2011” s," UCAP director Yvonne Agustin said at the sidelines of a press briefing on the study of the effect of virgin coconut oil ( VCO) in humans.

Coconut product exports totaled $ 1.9 billion in the nine months to November 2011 due to a significant increase in the value of coconut products in the world market, the association noted.

Coconut oil shipments were expected to reach 837,000 metric tons (MT) last year, on steady demand from traditional markets, mainly the United States, Europe, and some Asian countries, it said. Coconut oil shipments accounted for 70 percent of the value of exports.

The US, United Kingdom and Japan are the major markets for Philippine coconut oil.

In terms of volume, coconut oil shipments dropped around 38 percent year- on- year, but UCAP noted that good prices propped up export receipts.

The Philippine government expects coconut production to reach 3.4 million metric tons in copra terms this year from 3.2 million MT last year.

UCAP estimated that coconut oil shipments may reach 925,000 MT this year.

The Philippine Coconut Authority ( PCA) said coconut production is expected to recover this year due to good weather.

Coconut production is expected to rise in the coming years, because of government’s P838.497million planting, replanting and fertilization program, of which P502.31 million was allotted to planting and replanting of new and existing plantations and P336.18 million to fertilize the newly planted seedlings.

With a target of 138,125 hectares for 2012, PCA said it will intensify coconut planting and replanting across the country by implementing its Accelerated Coconut Planting and Replanting Project.