Coco oil shipments slide in January

MANILA, Philippines - Coconut oil shipments in January remained within the normal level as the effects of Super Typhoon Yolanda on copra supply are not yet felt.

Preliminary data from the United Coconut Association of the Philippines Inc. (UCAP) showed that coconut oil shipments in January reached 72,470 metric tons (MT) against an unusually high shipment volume of 135,432 MT in the same period last year.

“We are comparing the January 2014  shipments with a high volume period, but the export volume for the month is within the normal monthly shipment range,” said UCAP executive director Yvonne Agustin.

She said the extent of the effect of  Super typhoon Yolanda on copra supply is expected to be felt in succeeding shipments.

“The extent of the effect of Super typhoon Yolanda on coconut oil shipments are yet to be fully determined. It should be felt in the next month’s shipment,” said Agustin.

Coconut oil still enjoys a premium world market price of $1,373 per MT compared with its main competitor, palm kernel oil which fetches a price of $1,290 per MT. 

Because of the anticipated lower copra production this year, aggregate coconut oil exports are expected to fall to 850,000 MT this year against 1.126 MT in 2013.

Yolanda damaged 441,517 hectares of coconut plantation in the Visayas, causing production losses of P17.8 billion.