MANILA, Philippines (Xinhua) - Shipments of Philippine coconut oil declined by 18.38 percent on year to 70,900 metric tons (MT) in February, local industry association United Coconut Association of the Philippines (UCAP) said today.
The Philippines posted lower shipments of coconut oil for the third consecutive month in February following the onslaught of super typhoon Haiyan in central Philippines. The typhoon felled 34 million trees, causing a contraction in copra supply.
Total shipments of coconut oil in January and February reached 143,870 MT, 35.28 percent lower than the 222,300 MT exported a year ago.
UCAP projected coconut oil shipments in 2014 to settle at 850, 000 MT, 22.72 percent lower than the 1.1 million MT exported in 2013 due to expectations that coconut production will go down by 10 percent this year.
The Philippines exports more than 70 percent of the coconut oil it produces. The country's major markets are European countries and the United States.