Philippine Export of Coconut Products Down Sharply in August

UCAP preliminary data showed Philippine export of coconut products in August sharply contracted by 41.8% to 109,651 MT in copra terms from 188,450 MT in the same month last year.  This likewise reduced the previous month’s total of 136,838 MT by 19.9%.  The figure is 30.7% below the monthly average of the past seven months (January-July) at 158,176 MT.

The decline in aggregate exports was exclusively on account of the sharp fall in coconut oil shipment which shrank 48.2% year-on-year to 54,261 MT from 104,715 MT.  This is 35.6% short of the monthly average at 84,242 MT.  The USA was this month’s leading importer with purchases of 24,100 MT representing 44.4% of the pack.  Close behind was Europe which took in 22,911 MT or 42.2%.  Other destinations were Japan at 3,950 MT (7.3%) and China at 3,300 MT (6.1%).

Export of by-product copra meal at 28,500 MT likewise recorded a shortfall of 16.8% from 34,263 MT but bested by 37.7% the monthly average at 20,699 MT.  Korea was the top destination at 12,300 MT or nearly half (43.2%) of the month’s shipment. Other markets were India at 6,500 MT (22.8%), Vietnam 3,300 MT (11.6%), China 3,300 MT (11.6%) and Japan 3,100 MT (10.9%).

Desiccated coconut and oleochemicals were growth sectors in August. Export of desiccated coconut rose 3.1% to 12,085 MT from 11,722 MT.  This month’s total exceeded a  bit the monthly average at 12,045 MT.  Oleochemicals shipment showed a steeper climb of 17.6% at 4,838 MT as copra from 4,113 MT but did not fare well with the average at 5,836 MT by 17.1%.

Exports in January-August accumulated to 1,216,882 MT in copra terms, recording a 24.0% deficit from 1,600,597 MT at the same time last year.  All products in review posted shortfalls from respective year-earlier data.  The figures represent the sum of January-May official data from the Philippine Statistics Authority (PSA) and UCAP estimates for June through to August. Breakdown is as follows, MT: coconut oil 643,955 (860,396 last year), copra meal 173,390 (260,864), desiccated coconut 96,399 (108,655), oleochemicals as copra 45,691 (66,901).