MANILA, Philippines - Coconut oil exports slowed down in February on lower copra deliveries, reflecting the effects on the domestic coconut supply of the damage caused by Typhoon Yolanda.
Data from the United Coconut Association of the Philippines (UCAP) showed that CNO shipments fell 18 percent to 70,900 metric tons (MT) in February 2014 from 86, 868 MT in the same period last year.
UCAP executive director Yvonne Agustin said the industry’s shipment volume fell during the period on lower deliveries of copra particularly in coconut-producing areas affected by Typhoon Yolanda.
Amid the slowdown in shipments, however, coconut oil fetches a premium price over its main competitor palm kernel oil. In February, coconut oil prices were placed at $1, 350 per MT against $1,281 per MT for palm kernel oil.
Agustin said the premium price enjoyed by coconut oil in the world market may be a result of higher overseas demand or slow down in supply.
Because of the slowdown in copra supply, the aggregate volume of Philippine coconut oil exports this year is expected to be lower than last year, at 850,000 MT from the previous 1.1 million metric tons.
Typhoon Yolanda, which pummeled Visayas in November last year, demolished over 34 million trees, comprising 10 percent of the total population of 340 million coconut trees in the country.
It will take about seven to eight years for newly-planted coconut trees to mature and bear nuts.