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23 Dec, 2013

Millions of coconut trees lost to ‘Yolanda’ to hurt global supply | Manila Bulletin

KUALA LUMPUR/MANILA – The destruction of an estimated three million coconut palms in last month’s deadly typhoon in the Philippines is set to squeeze global supply for years of the tropical fruit used to make products from fuel to health drinks.

Even before Typhoon Haiyan tore through the Philippines, the United Nations had warned that global demand for coconuts was outstripping production in Asia, home to 85 percent of output.

The crop losses in the Philippines, the world’s top exporter of coconut oil, have already helped drive prices up as much as 40 percent since the storm and led to a scramble for supplies from top producer Indonesia, and for alternatives to the edible oil.

But with little chance of Indonesia or India, another top producer, plugging the gap prices are expected to climb even further next year and beyond, analysts and traders say.

via Millions of coconut trees lost to ‘Yolanda’ to hurt global supply | Manila Bulletin