MANILA, Philippines The export of coconut oil, the country’s top agricultural export, is expected to decline this year due to an oversupply of global vegetable oils coupled with the decline in local copra production.
MANILA, Philippines The export of coconut oil, the country’s top agricultural export, is expected to decline this year due to an oversupply of global vegetable oils coupled with the decline in local copra production.
In the latest report of the United States Department of Agriculture-Foreign Agricultural Service (USDA-FAS), coconut oil exports may decline to 810,000 metric tons (MT), down 23 percent from last years 1.025 million MT.
This will be the lowest recorded coconut oil exports in the last three years. Local coconut oil output is expected to drop by three percent to 1.56 million MT from the 1.61 million MT recorded in 2019.
See full article at Philippine Star