Coconut exports up to $2B in 2011

The Philippine coconut industry will close the year with $2 billion in export receipts due to strong demand for various coconut products, an official of the Philippine Coconut Authority (PCA) said.

PCA administrator Euclides G. Forbes said about 80 percent of the export earnings that would reach $2 billion will come from coconut oil.

“Based on the sales recorded so far, the value of coconut products that the Philippines shipped out this year could reach $2 billion,” said Forbes at the sidelines of the Livestock Philippines 2011 Thursday.

The Philippines is the world’s top exporter of coconut products. It produces coconut oil, dessicated coconut, coco shell charcoal, and activated carbon.

Based on PCA figures for January to July, the agency said the value of exports increased by 35 percent to $1.22 billion compared to earnings in the same period last year.

Coconut oil (CNO) earnings also grew by 30 percent to $923.45 million. At an average exchange rate of P42 to the greenback, CNO sales, the country’s largest farm export, reached P38.7 billion in January to July.