The coconut oil consumption in Europe, US and Asia Pacific is expected to grow by 20 per cent this year from last year's 1.90 million metric tonne (MMT), owing to the high production supported by good climatic conditions across the coconut producing countries. | |
| Amount of coconut oil (CNO) exported to world market during 2004 was 2.06 million MT, of which the European market absorbed about 44.5 per cent and others such as US and Asia Pacific received 23.3 per cent and 24.7 per cent respectively. |
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| The exports from major producers like Indonesia, Philippines and India have increased substantially in the last 10 years, according to Asian and Pacific Coconut Community (APCC). Amount of coconut oil (CNO) exported to world market during 1980 to 2004 has jumped up from 1.10 million MT to 2.06 million MT, an increase by 87.3 per cent. |
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| Major coconut producing countries had increased the coconut growing area, while Malaysia, Sri Lanka, Thailand and Vietnam showed a negative trend in area expansion. Indonesia is leading the pack with massive production. |
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| India's coconut production is estimated to increase marginally, which is hovering around two million MT for the last couple of years. Coconut production in Philippines for 2005 is expected increase 10 per cent, according to the market sources. Philippines was in biological stress after a long period of high productivity in 1999-2002 and the scenario is changing. |
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| The import quantity of CNO by the European market for the past five years was about 854,180 MT where Belgium, France, Germany, Netherlands, Italy, Spain, Russia, United Kingdom accounted for 90.5 per cent. |
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| US, Canada and Mexico had held 462,780 MT of import in 2000-2004. On an average, the annual import demand for American market was around 466,580 MT for the last five years. |
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| The import of the same commodity by countries in Asia and Pacific region was 562,120 MT that is equal to 29.13 per cent of the total world import. |
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| The countries which have imported significant amout of CNO are China, India, Japan, Malaysia, Singapore, Korea, Turkey and Australia. Meanwhile, Africa, Algeria, Egypt, Kenya, Tunisia, and South Africa have noted high on import demand of CNO. |
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