Philippine Export of Coconut Products Up Sharply in July

Philippine export of coconut products in July totaled 144,440 MT in copra terms, based on UCAP estimates.  This more than doubled last year figure at 68,753 MT, largely a low base year comparison effect.  The total, however, is 26.6% behind previous month estimated shipment at 196,885 MT but was 8.4% above the prior six-month (January-June) average at 133,277 MT.  

Increase in aggregate tonnage was exclusively on account of coconut oil with volume at 71,875 MT posting over three-fold leap over last year at 20,081 MT.  The monthly average at 65,667 MT was likewise exceeded by 9.4%.  Europe and the US remained key destinations jointly accounting for 93.3%, thereof Europe holding a bigger share of 48.8% at 35,049 MT.  The US was responsible for 44.5% at 32,000 MT.  Other destinations were Indonesia at 4,000 MT and Japan 826 MT, for respective market shares of 5.6% and 1.1%.  

Export of copra meal at 34,900 MT rocketed nearly13 times prior year at 2,742 MT, similarly a low base year comparison effect.  Shipment this month was 56.9% above average at 22,245 MT.  Major importer was India which cornered 42.1% at 14,700 MT, trailed by Korea with uptake at 7,000 MT (20.1%), China 6,600 MT (18.9%), Vietnam 3,300 MT (9.5%) and Japan 3,300 MT (9.5%). 

External trade of desiccated coconut was 11,597 MT, a contraction by 22.6% from 14,982 MT last year.  Among export products, only desiccated coconut fell short of the monthly average at 11,760 MT, though only by a slight 1.4%.  Overseas purchases of oleochemicals similarly slowed by 9.4% at 12,423 MT as copra from 13,715 MT of the preceding year but bested the average at 10,816 MT by 14.5%.   

Export in January-July based on UCAP estimate totaled 944,103 MT in copra terms to register a modest shortfall of 3.6% from 979,541 MT at the same time last year.  Breakdown is as follows, in MT: coconut oil 465,939 (494,943 last year), copra meal 168,369 (117,515), desiccated coconut 82,156 (85,704), oleochemicals as copra 77,498 (61,413).