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MANILA - Philippine coconut oil exports in May grew by more than a fifth from a year ago, the first monthly gain since December, the United Coconut Association of the Philippines Inc. said on Tuesday.
Yvonne Agustin, UCAP executive director, said CNO exports grew by 20.18 percent to 70,600 metric tons last month, higher than the 58,753 recorded a year ago.
Agustin attributed the increase to the stronger demand from traditional markets the United States and Europe.
“We can say that demand from our foreign markets has begun to stabilize,” said Agustin, adding that the surge in exports volume in May could bode well for the industry’s target for this year.
Despite the growth last May, 299,164 metric tons of CNO exports in the first five months of the year were 28.15 percent behind the 416,366 metric tons shipped last year.
Agustin said CNO export volume is expected to pick up in the second half of the year, citing favorable weather conditions.
She said the group is still mulling over a revision of its export target for this year, adding that supply of copra remains stable.
In 2011, the industry fell short of its export target of 900,000 metric tons because of the persistent tight supply of coconut in the domestic market.
This year, the Philippines has increased its target to 925,000 as production of copra starts to pick up.
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