Trade Secretary Fred Pascual vowed to promote the country's coconut products in the international market as coconut oil inches higher in the fastest-growing commodity space.

Based on the report of the Philippine Statistics Authority, the country's cumulative export growth was driven by higher sales generated from coconut oil, other mineral products, chemicals, other manufactured products and electronic products.

The report said coconut oil recorded a 96.2 percent year-to-date growth, with increasing export sales reaching $1.6 billion from January to August.

Export earnings from coconut oil in August 2022 also increased to $168.2 million, or 26.6 percent higher, compared to $132.9 million in the same period in 2021.

Overall, coconut oil exports have consistently been increasing at double-digit growth rates compared to three time periods: 2021, 2020, and the pre-pandemic average from 2017 to 2019.

While based on the report of Fortune Business Insights' Regional Forecast and Covid-19 Impact Analysis on Coconut Derivatives for 2020-2027, several positive outcomes supported the coconut derivative market growth during the Covid-19 outbreak, including the rising awareness of the benefits of coconut oil usage.

In the Philippines, scientists have also started studying virgin coconut oil as a potential treatment for coronavirus.

"The DTI has been at the forefront in promoting the coconut sector in international markets. Under the Coconut Farmers and Industry Development Plan, the Department has been assisting coconut farmer enterprises in entering/growing their presence in global markets through extensive market research and strategies for promoting coconut products," Secretary Pascual said.