The volume of coconut oil (CNO) exports in March rose by 125 percent year-on-year due in part to a small increase in global demand.

According to the United Coconut Association of the Philippines (UCAP), CNO shipments last month amounted to 142,991 metric tons (MT) compared to 63, 649 MT in March 2012.

“There were shipments due for February that only made it in March. There was also a slight increase in demand from key markets,” said UCAP executive director Yvonne Agustin.

In 2012, the volume of coconut oil shipments grew by 3.7 percent to 851,913.18 MT from 821.445.37 MT in 2011, but the value of the shipments fell 30. 25 percent to $982.32 million from $1.41 billion in 2011.

The average world market price for coconut oil is still down, currently placed at $814 per MT, siad Agustin.

In 2012, the average world market price of the product fell 32.75 percent to $1,153.08 per MT from $1,714.54 per MT in 2011 due to lower demand for most vegetable oils due to weak economic activity in prime CNO markets such as the US, Germany and the Netherlands. At its lowest point in 2012, the price reached $781 per MT