Philippine Export of Coconut Products Up in February

UCAP preliminary data showed Philippine export of coconut products in February rose appreciably by 36.9% to 172,704 MT in copra terms from same month last year at 126,176 MT.  This also topped January export estimate at 155,003 MT by 11.4% and the monthly average in the last calendar year at 165,385 MT by 4.4%.

All export products in review this month surpassed respective year-ago data based on UCAP estimate.  The cumulative January-February exports likewise were higher than the previous year and with all export products posting increases as well. 

Export of coconut oil in February pronouncedly increased by 42.9% year-on-year to 92,470 MT from 64,696 MT which largely helped boost this month’s aggregate figure.  This bested last year’s average monthly data at 87,954 MT.  The EU was the leading destination cornering more than half (51.6%) of total lifting or 47,690 MT. The USA took in close to one third (32.3%) or 29,880 MT.  Other destinations were Malaysia which took in 13,000 MT (14.1%) and Japan with 1,900 MT (2.1%). 

Copra meal was growth leader with shipment at 14,000 MT rocketing 238.8% from 4,132 MT previously.  This, however, did not fare well with last year’s monthly average at 24,610 MT.  There were three country buyers during the month led by South Korea, which was responsible for 45% or 6,300 MT, followed by India with uptake at 4,400 MT (31.4%) and Vietnam with 3,300 MT (23.6%).  

Overseas purchases of desiccated coconut at 13,350 MT hiked by 10.6% from 12,072 MT last year and likewise beat last year’s average at 13,080 MT.    Oleochemicals similarly modestly climbed by 9.7% to 5,286 MT as copra from 4,819 MT but was slightly below the average last year at 5,554 MT.  

Total exports for the period January-February at 327,707 MT in copra terms increased by 9.2% from 300,158 MT at the same time last year. Breakdown is as follows, in MT: coconut oil 173,800 (163,214 last year), copra meal 33,400 (17,833), desiccated coconut 26,635 (20,157), oleochemicals as copra 10,654 (9,924).