PHILIPPINE COCONUT PRODUCTS EXPORT DOWN IN JULY

UCAP preliminary data revealed Philippine export of coconut products declined 21.0% year-on-year in July to 117,097 MT in copra terms from 148,314 MT.  It was the second recorded year-on-year decline of the year, yet this month total sharply recovered 46.8% from prior month unofficial data at 79,773 MT.  Reduced coconut oil and desiccated coconut exports dragged aggregate volume downward during the month.   Moreover, present month figure was 14.5% below the monthly average of the past six months (January-June) at 136,889 MT.   

Coconut oil export at 62,497 MT trimmed down by 21.7% last year total at 79,867 MT.  Compared to the monthly average of the first semester at 75,463 MT, this month shipment was 17.2% behind.  Europe remained the month’s leading destination responsible for 45.1% of total trade with uptake at 28,200 MT.  The US was few distance behind at 24,697 MT which comprised 39.5% of the pack.  Other destinations were Japan at 4,600 MT (7.4%), Malaysia 3,000 MT (4.8%), and China 2,000 MT (3.2%).  

This contrasted with copra meal with increased shipment, for the second month in a row, by 6.2% at 23,495 MT over last year at 22,128 MT.  The figure nearly doubled the monthly average at 12,242 MT (+91.9%).  Korea was almost an exclusive destination controlling 72.4% at 17,000 MT with the remainder at 6,495 MT (27.6%) going to Vietnam. 

Overseas purchases of desiccated coconut which totaled 8,761 MT pronouncedly contracted 30.7% from 12,636 MT last year to record the product’s first decline this year, but bested the monthly average at 7,597 MT by 15.3%.  On the other hand, foreign trade of oleochemicals at 4,350 MT as copra was more than twice last year at 2,004 MT.  However, the load fell 18.8% short of the monthly average at 5,351 MT. There was no reported shipment of copra during the month as in last year.  Official data though showed only the months of April and May this year registered shipments at 47 MT and 16 MT, respectively.

Export during the seven-month period to July this year remained sharply above last year even as shipment this month recorded double-digit decline.  Total stood at 938,432 MT in copra terms, a massive 40.6% upturn from 667,620 MT at the same time last year.  Breakdown is as follows, inclusive of adjustments in official May data, in MT: copra 63 (35 last year), coconut oil 515,275 (366,553), copra meal 96,950 (154,426), desiccated coconut 54,344 (41,636), oleochemicals as copra 36,453 (21,382).