FIRST QUARTER VIRGIN COCONUT OIL EXPORT UP BY 138.65%
Philippine Coconut Authority (PCA) Administrator Euclides G. Forbes reported a 138.65 percent increase in export earnings for Virgin Coconut Oil (VCO) for the first quarter of this year with earnings of $7,566,132.00 compared with figures of the same period last year in the amount of $3,170,394.00. He added that the first quarter 2012 volume likewise registered an increase of 93.58 percent with 1,719.23 MT compared with last year's 888.11 MT.
According to the Administrator VCO is exported to 27 countries in Asia, Europe and the United States of America. He said that the first quarter export to France registered the highest with a 1,011.76 percent increase in value with earnings of $76,000 for this quarter compared with last year's figures of $6,836.00. Volume also increased by 662.96 percent with this quarter's volume recorded at 16.48 MT as against last year's 2.16 MT.
Administrator Forbes bared that export to the following countries registered a big leap in value and volume from last year's first quarter figures to this year's export of the same period .These are as follows: Taiwan – up in value of ¯ 912.24 % – from last year's $6,600.00 to $66.808.00; up in volume from 1.11MT to 35.87MT; Finland – 714.92 percent increase in value from $14,045.00 to $114,456.00 and 900.81 percent in volume from 2.47MT to 24.72MT; Hongkong – up by 549.90 percent in value from $11,907.00 to $77,384.00 and 950.57 percent in volume from 1.74 MT to 18.28 MT.; Bermuda – 502.53 percent up in value from $198.00 to $1,193.00 and 880 percent increase in volume from 0.05 MT to 0.49 ; Malaysia – up in value of 471.39 from $18,276.00 to $104,428.00 and an increase of 333.16 percent in volume from 3.89 MT to 16.85MT; New Zealand likewise registered a 349.54 percent increase in value from $12,145.00 to $54,597.00 and 390.34 percent in volume from 2.07 MT to 10.15 MT. The USA registered a 154.12 percent increase in value from last year's first quarter earnings of $1,835,199.00 to this year's $4,663,582.00 of the same period and 116.20 percent increase in volume from 488.70 MT to 1,056.59 MT; Germany – up by 143.38 percent in value with $115,890.00 earnings from last year's first quarter compared with that of the same period this year of $282,057.00 and an increase of 65.95 in volume from 43.61 MT to 72.37 MT.
The Administrator added that last year's total VCO export was a high 0f 169.74 percent increase in value with $22,498,130.00 as against $8,340,742.00 in 2010. It was also up by 79.51 percent in volume with 4,913.50 MT as against 2,737.17 MT the previous year.
The Administrator attributes increasing demand for VCO to the growing awareness on the health benefits of VCO. He reiterated the announcement of Agriculture Secretary Proceso J. Alcala early this year that VCO intake is good for the body based on the PCA sponsored study conducted by the University of Santo Tomas Research Team on the Effect of VCO on Human with Emphasis on Cholesterol.
VCO is obtained from fresh mature, kernel of the coconut by mechanical or natural means with or without the use of heat is suitable for consumption without further processing.
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