Export of Philippine Coconut Products Down in FebruaryThursday, March 29, 2018
Export of Philippine coconut products in February, based on UCAP preliminary data, revealed a sharp decline by 34.0% to 88,672 MT measured in copra terms from 134,310 MT in the same month last year. The decline came largely from shortfall in coconut oil shipment due to delayed vessel arrival. This month shipment likewise showed a contraction by 37.2% from prior month unofficial total at 141,230 MT and logged the lowest monthly figure since May 2016.
Export of coconut oil tumbled 38.8% year-on-year to 44,300 MT from 72,442 MT. A total of 12,000 MT was left unshipped during the month due to late arrival of vessel and thus will become part of March data as loading was finally completed. The US was this month’s leading importer responsible for nearly two-thirds (65.6%) of total trade at 29,050 MT. Delivery to Europe at 14,000 MT represented nearly one-third (31.6%) of the pack and Japan held 1,250 MT (2.8%).
In contrast, shipment of copra meal leaped 46.7% to 34,400 MT from 23,457 MT. This may indicate improved crushing activity during the period. India was this month top buyer after cornering almost one-half (48.3%) of total overseas purchases at 16,600 MT. Korea slid to second place capturing 12,300 MT (35.8%) and was trailed by Vietnam at 5,500 MT (16.0%). .
Desiccated coconut export posted a modest growth of 3.3% at 8,961 MT from 8,675 MT while oleochemicals shrank 23.9% to 4,500 MT as copra from 5,911 MT. There was no reported export of copra during the month, as of this report, as last year and last month.
Total export in January-February was 229,902 MT in copra terms, scaling back by a massive 38.2% same time last year data at 372,013 MT. Breakdown is as follows, in MT: coconut oil 122,578 (214,483), copra meal 73,020 (29,457), desiccated coconut 17,453 (14,782), oleochemicals as copra 8,350 (8,709).