Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
by Staff Writers
Manila (AFP) March 11, 2014
Philippine coconut oil exports fell 35 percent at the start of this year, driving up global prices, after a super typhoon destroyed millions of trees, an industry group said Tuesday.
In normal times the Philippines accounts for more than 40 percent of world exports in the oil, which is used in daily items such as detergents, bath soap and margarine, according to the United Coconut Association of the Philippines.
Super Typhoon Haiyan, which killed or left missing about 8,000 people in November last year, also destroyed or severely damaged about 10 percent of the nation's coconut trees.
This led to coconut oil exports falling to 143,870 tonnes in January and February, a drop of 35.2 percent for the same period last year, the association said, warning a quick turnaround was impossible.
"It will take several years for the supply to normalise (even) if we replant what has been lost during the typhoon," the association's executive director, Yvonne Agustin, told AFP.
"We are of course projecting a reduction in volume this year, and that would lead to increased prices in the world market."
Agustin said coconut oil prices were already "substantially higher" than before the typhoon, with the commodity currently trading at $1,445 a tonne.
While she could not give exact pre-typhoon prices, the Indonesia-based Asian and Pacific Coconut Community reported on its website that coconut oil sold for $810 a tonne in June last year.
Farming Today - Suppliers and Technology
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|