Coco exports up 25% to $727M

Coconut exports posted an impressive performance in 2003, going up by 25 percent to $727.09 million from $582.142 million in 2002.

Data released by the Philippine Coconut Authrority (PCA) show that coconut oil again led the export growth with shipments worth $481 million, accounting for 66.2 percent of total export earnings.

During the period, exports of dessicated coconut totaled $95.66 million; coco chemicals - $42.40 million; copra meal - $32.9 million; activated carbon -$30.23 million and coco shell charcoal - $3.33 million.

The aggregate volume in copra equivalent reached 2.098 million metric tons (MT), 18.2 percent better than 1.767 million MT in 2002. Copra meal registered the highest growth rate at 24 percent with 477,814 MT compared with 385,454 MT the previous year.

Coconut oil increased its output to 1.138 million MT, up 20.4 percent from 944,662 MT. Coco chemicals shipments went up 19.5 percent to 118,772 MT from 99,406 MT. Activated carbon slightly improved to 32,100 MT from 30, 833 MT. Dessicated coconut dipped 0.79 percent to 106.114 MT. Coco shell charcoal declined 10.85 percent to 18,146 MT from 20,355 MT.

PCA said export earnings last year would have been higher but the Philippines was unable to export copra meal in Europe because of the unacceptable aflatoxin content of the commodity.

The loss of the European market however, was partiallly offset by the opening up of the Korean market which absorbed 52 percent of the shipments totaling 228,684 MT.

The rise in export earnings was attributed to the increase in prices of coconut oil which went up 13.27 percent to $422.8 per MT from $373.28/MT; copra meal prices were up 5.49 percent to $68.85/MT from $65.27/MT; activated carbon, up 2.69 percent to $941.36/MT from $916.73/MT; and dessicated coconut, 1.72 percent higher at $901.46/MT from $886.26/MT.