THE Philippines’s total coconut oil (CNO) exports this year could breach the $1.5-billion mark—the second highest on export value record—as exporters benefit from higher demand and rising prices of the commodity due to a shortfall in global vegetable oil supply.
The increase in the export receipt of the country’s prized CNO may continue this year as the global price of the commodity continues to soar amid tight global vegetable oil supply due to shortage in sunflower and palm oil, government officials said.
Historical Philippine Statistics Authority (PSA) data showed the country’s CNO exports last year reached $1.443 billion, the second highest on record, from $898.995 million in 2020. The country’s highest export value of CNO was recorded in 2017 at $1.614 billion.
“We still expect that the demand will continue to increase, driven by recovering economies from the Covid-19 pandemic and continuous shortage of palm oil global supply,” Villaruel told the BusinessMirror.
