The Philippines’ coconut oil (CNO) exports are expected to increase by 3 percent this year and next, the United States Department of Agriculture (USDA) said. In the Global Agricultural Information Network (Gain) report made by the Foreign Agricultural Service (FAS) in Manila, the USDA said exports would rise to 1.08 million tons in 2018 to 2019, a 30,000-ton increase from 1.05 million tons in 2017 to 2018. The hike is “a result of substitution of CNO with cheaper imported palm oil and improved copra supply,” it added. Considered the country’s top agricultural export, coconut oil is used as raw material in making margarine, shortening, milk fat substitutes, biscuits, and crackers. Average price of coconut oil in the world market fell below $1,200 as of March.

Source: Manila Times April 10, 2018 16:18 UTC