PCA sees a potential decline in coconut oil export revenues
Philippine Coconut Authority (PCA) said the country may see a decline in coconut oil (CNO) export revenues this year on the weight of lower international prices.
“We can hit 1 MMT [million metric tons] of coconut oil exports this year. But if prices will remain at their current levels, then we can expect lower receipts, even if we ship 1 MMT,” PCA Administrator Romulo de la Rosa said in a report from Business Mirror.
In terms of volume, CNO shipments of 1 MMT translates to 8.46-percent rise from last year’s levels.
Last year, the country’s revenues from CNO exports went up to US$1.504 billion or 31 percent.
Dela Rosa said that if world prices will not improve, export earnings will go down by at least 20 percent this year for this commodity alone.