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Philippines 2015 coconut oil exports exceed industry forecastThursday, January 28, 2016 > 10:31:42
Philippine exports of coconut oil in 2015 exceeded an industry forecast by 5 percent but were lower than the previous year due to the lingering impact of typhoons and a pest attack, industry data released on Tuesday showed.
Shipments from the world's top supplier totalled 843,710 tonnes in 2015, compared with a forecast of 804,000 tonnes by the United Coconut Associations of the Philippines (UCAP), preliminary data showed. That compares with the industry's revised 2014 export figure of 856,973 tonnes.
Exports more than doubled from a year earlier to 57,355 tonnes in December, as recent rains eased concerns about supply stemming from dryness linked to the crop-damaging El Nino weather pattern.
Coconut oil, the Southeast Asian nation's top agricultural export used in food, detergents and biofuels, is shipped mainly to Europe and the United States and traded in the European vegetable oil market. (Reporting by Erik dela Cruz; Editing by Subhranshu Sahu)