MANILA, Philippines – The country’s cocunut oil exports rose 83 percent to 136,985 metric tons (MT) in May from 74,613 MT a year ago due to a strong demand for the commodity in key markets, the United Coconut Association of the Philippines Inc (UCAP) reported yesterday.
The rise in May shipments followed a 14.2 percent drop in April.
UCAP executive director Yvonne Agustin said demand from key markets such as the US and Europe picked up in May as CNO price remained lower than palm oil, its main competitor in the market.
In May, CNO was priced at an average of $811 per MT while palm kernel oil was priced at $852 per MT.
CNO enjoyed a greater pricing advantage over another competitor in the market, soybean oil which was priced at $1,000 per MT in May.
Agustin said demand is expected to pick up in the coming months as buyers replenish stock requirements.
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UCAP expects CNO shipments to reach 900,000 MT within the year, higher than 851, 913.18 MT shipped in 2012 and 821, 445.37 MT in 2011.