Coconut industry record explosive 2009 growth

Apr 08, 2010 News

– exports tip $500M mark last year

Coconut exports dramatically increased tenfold last year earning $120M as compared to almost $16M in 2008.
According to figures tabulated by the New Guyana Marketing Corporation (New GMC), more than 2,700 tonnes of coconut was shipped out. Only 268 tonnes were recorded for the previous year. In 2009, exports of coconut products, which included coconuts, copra, water, crude oil and choka, saw earnings reaching over $500M when compared to almost $200M the previous year.
Copra exports also jumped 60 per cent to 3,249 tonnes earning $249M while coconut water exports stood at 32 tonnes in 2008 when compared to the 112 tonnes done last year earning $10M.
However, coconut crude oil saw a major jump with $145M earned as against the $36M in 2008. This year, coconut continued to be an area in which the exports seem to be hitting the roof. In March alone, 953 tonnes was shipped out earning almost $79M. Only six tonnes was done in March last year.
However, copra and coconut water sales have both taken a beating this year with no export for crude oil being recorded for the first three months. In March this year alone, coconut exports earned $40M.
Over the weekend, Government officials disclosed that the coconut industry was booming with Goya Foods, a major US-based food company, negotiating to come to Guyana.
Renewed interest in the industry last year saw an unprecedented surge in exports with businesses and authorities saying that an estimated 50 containers are leaving Guyana monthly mainly for the Dominican Republic, US and Canada. By far, Dominican Republic is the largest purchaser and the Europe market is now being eyed.
On Saturday, a spokesperson for Pomeroon Oil Mills confirmed that the company is concentrating on the exports for now as price for coconut oil has dipped.
Pomeroon Oil Mills alone is currently exporting about six of the 40-foot containers, weekly. With its farms in the Pomeroon area, the company is by far the largest producer and exporter in Guyana.
According to General Manager of the New Guyana Marketing Corporation (New GMC), Nizam Hassan, the exported coconuts were used by Trinidad, Antigua and Dominican Republic to make canned coconut milk, copra and other value-added products.
According to Minister of Agriculture, Robert Persaud, Goya Foods, a major US-based company, wants to tap into the industry, especially with coconut water. A team from the food giant was here recently and more than likely, a deal will be made.
“As you are aware, we have the Coconut Revitalisation Plan that is being aggressively pushed. There were myths about the negative impacts of coconuts and its by-products and these are in fact just that- myths.”
However, exporting the dry or water coconuts is not just what the government intends to do to fully develop the industry. “We are not just looking at the primary exports. The idea is to develop the value-added element as there are much more benefits to be derived.” A company from India is also interested, the Minister has said.

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Coconut industry record explosive 2009 growth

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