Philippine Export of Coconut Products Up in August

Data from the Philippine Statistics Authority show export of coconut products by the Philippines in August was 188,450 MT in copra terms.  This is 21.3% higher than August last year total at 155,397 MT.  Gross export receipts likewise increased at USD262.525 million from USD228.462 million by 14.9%.  The increase in volume and revenue was mainly driven by coconut oil.

Export of coconut oil at 104,715 MT leaped 30.7% from prior year at 80,112 MT, though slightly lower than the monthly average (January-July average) at 107,954 MT.  The shipment was valued USD160.817 million, a jump by 30.4% from previous year.  By-product copra meal likewise improved export by 24.4% at 34,263 MT from 27,535 MT and exceeded the monthly average at 32,372 MT.  

On the other hand, shipment of desiccated coconut and oleochemicals were behind last year. Desiccated coconut sales at 11,722 MT suffered a 23.4% shortfall from prior year at 15,302 MT and oleochemicals posted a 10.1% cutback at 4,113 MT as copra from 4,577 MT.  Figures likewise did not fare well with respective monthly averages at 13,847 MT and 8,970 MT.

Performance of other products follows, MT:  coco shell charcoal 10,438 (+3.6% from 10,071 last year), activated carbon 7,789 (+44.7% from 5,385), virgin coconut oil 1,600 (-30.4% from 2,297), coco water 14,154 (+2,664.6% from 512), fresh coconuts 13 (+8.3% from 12), Others 21,407 (-37.8% from 34,398).

Export in January-August accumulated to 1,600,597 MT in copra terms, vastly boosting last year at 1,050,936 MT by 52.3%.  Turnover at USD2.469 billion shot up 60.1% over same time last year data at USD1.542 billion.  Of major exports volume-wise, only oleochemicals scaled back from last year.  Of note, however, coconut oil export during the 8-month period nearly topped last year annual data at 881,086 MT but already bested the revenue for that year by 19.6%. 

Breakdown of shipment is as follows, MT: coconut oil 860,396 (512,275 last year), copra meal 260,864 (187,750), desiccated coconut 108,655 (101,655), oleochemicals as copra 66,901 (80,635); Coco shell charcoal 76,423 (68,823), activated carbon 56,496 (48,725), virgin coconut oil 18,901 (22,127), coco water 90,230 (78,278), fresh coconuts 148 (591), Others 172,395 (244,348).