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MANILA – Exports of coconut oil jumped by nearly half last month, according to the United Coconut Association of the Philippines.
Yvonne Agustin, UCAP executive director, said CNO shipments rose 47 percent to 82,325 metric tons in August from 56,059 a year ago.
“As expected, demand for CNO products has finally stabilized, allowing us to catch up with cumulative figures and eliminate our shortfall,” Agustin said.
She ascribed the improvement to higher demand from traditional markets such as the US and Europe, as well as to the shift in demand away from palm kernel oil amid narrowing price differentials with CNO.
According to UCAP data, palm kernel oil fetched $1,007 per metric tons last month, compared with $992 for coconut oil.
Despite the higher shipment of CNO last month, the January to August total of 585,610 metric tons was only slightly better than last year’s 583,904.
The Philippines aims to ship 925,000 metric tons this year.
“We are definitely on track of our targets for this year, with just four months to go,” Agustin said.
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