Sept coconut oil exports down 7.5%

Reuters

Posted at Oct 01 2010 12:52 PM | Updated as of Oct 01 2010 09:51 PM

MANILA, Philippines - Coconut oil exports fell 7.5% in September from a year earlier as demand thinned on higher prices, preliminary industry data showed on Friday.

Shipments by the world's biggest coconut oil exporter dropped to 86,800 tons Sept. 1 to 30, against 93,882 tons a year earlier, the United Coconut Associations of the Philippines (UCAP) said in a report.

But shipments doubled to 1.078 million tons in the first nine months of 2010, from 538,055 tons in the same period last year.

Philippine coconut oil exports are seen growing 57% to around 1.3 million tons this year on improving demand and output, UCAP executive director Yvonne Agustin told Reuters on Tuesday.

Coconut oil, used in food, detergents and biofuels, for October/November delivery was up $15 at $1,380 a ton CIF Rotterdam on Thursday.

Around four-fifths of the Southeast Asian country's coconut oil exports go to the United States and Europe, and the rest to Asia.