Coco exports may reach $1.57B in 2010, says PCA

Total exports of coconut products will likely reach $1.57 billion this year, up 78 percent from $884 million in 2009, the Philippine Coconut Authority said Thursday. The volume of coconut exports will reach 2.356 million metric tons (MT) this year from 1.515 million MT last year, the agency said. PCA administrator Oscar Garin said 2010 is the fifth year in the country’s history in which coconut exports breached the billion-dollar mark — the first time was in 1979 when Philippine coconut exports amounted to $1.037 billion. Coconut oil remains the top coconut export product, the PCA said. Coconut oil exports may reach $1.217 billion this year, up by more than 50 percent from last year’s $588 million, because of higher prices in the world market, the agency added. The volume of coconut oil exports will likely rise 64 percent to 1.356 million MT from 826,237 MT last year. The higher demand for coconut oil is coming from both from the local and international markets. Local demand is spurred by the implementation of the mandated 2-percent blend of coco methyl ester — a fuel enhancer — with petroleum diesel in the Philippines, he said. — With Jesse Edep/VS, GMANews.TV