MANILA, Philippines - The volume of coconut oil (CNO) exports in April fell 14.2 percent year-on-year after a sustained uptrend in shipment in the first quarter of the year as demand slows down.
Data from the United Coconut Association of the Philippines (UCAP) showed that CNO shipments in April 2013 fell to 55,800 metric tons (MT) from 65,051 MT in April 2012.
UCAP executive director Yvonne Agustin said the April shipment volume may have been a cyclical low for the year succeeding higher year-on-year shipments in the first quarter of the year. Because of this, customers in key markets may already have satisfied their stock requirements for the period.
“This may be one of the lows for this year, but this doesn’t mean that there will be no recovery. There have been large shipments from January to March, so they (customers) may have already satisfied their stock requirements,†she said.
The volume of coconut oil shipments have steadily been rising in the first three months of the year because of replenished demand from traditional markets.
The volume of CNO shipments in March more than doubled year-on-year because of carry over shipments from February and slight uptick in demand from key markets.
March 2013 shipments rose 125 percent to 144,000 metric tons (MT) from 63, 649 MT in the same period last year.
Shipments in February 2013 rose 44 percent year-on-year to 61,800 metric tons from 42, 854 metric tons in the same period last year because of replenished demand from traditional markets.
Shipments in January rose year-on-year still because of increased demand from traditional overseas markets.
January shipments rose 81.35 percent to 115,186 metric tons (MT) in January from 63,517 MT in January 2012.
Eighty percent of the country’s coconut oil shipments go to Unites States and Europe.
The average world market price for coconut oil is still on the down trend, currently placed at around $814 per metric tons (MT) against more than $1,000 per MT in 2012.