RP sees H1 coconut oil exports up 39%

ABS-CBN News

Posted at Jun 12 2008 12:29 PM | Updated as of Jun 12 2008 08:29 PM


Reuters


The Philippines is likely to export 498,414 tons of coconut oil in the first half of the year, an increase of 39 percent from the same period in 2007, the government said on Thursday.

The country, the world's biggest exporter of coconut oil, shipped 358,204 tons in the first half of last year, the Philippine Coconut Authority, a government agency, said.

The estimate puts the country well on the way to reach a targeted 13 percent increase in coconut oil exports, reversing a decline in 2007 as plantations recover from typhoon damage in 2006 and 2007.

According to the United Coconut Associations of the Philippines, an industry group, the country exported 349,922 tonnes of coconut oil in the first four months of the year, an increase of 72 percent over the 2007 period.

The Philippines exports 80 percent of its output of coconut oil, used in food, cosmetics and biodiesel.