Philippine coconut oil exports fell more than half in May due to the high demand for copra in the local market, according to United Coconut Associations of the Philippines.
UCAP president Yvonne Agustin said preliminary statistics show that oil exports declined 59.6 percent, resulting in only 52,948 metric tons versus 130, 921 MT in the same period in 2010.
“The estimated value of the shipments was around $100 million, or roughly 4 percent lower than last year,” said Agustin.
Agustin said that recovery is expected in the third quarter of this year.
“There are several factors that we have to consider, including the biological factor that three years of successive good production stresses the coconut trees, which limits production,” Agustin said.
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