Philippine Export of Coconut Products Up in NovemberThursday, December 20, 2018
For the third straight month this November, export of coconut products posted year-on-year growth. According to UCAP preliminary data, Philippine export of coconut products during the month hiked 7.8% to 147,626 MT in copra terms from 136,958 MT in the same month year-earlier. The figure, however, was 8.1% behind prior month unofficial total at 160,585 MT.
Compared to the average of the past 10 months, (January-October) at 137,200 MT, this month export was 7.6% above average. Coconut oil, copra meal and oleochemicals likewise overshot their respective monthly averages.
Coconut oil export climbed 10.7% year-on-year to 81,900 MT from 73,983 MT and bested the monthly average at 73,941 MT by 10.8%. The US was market leader this month responsible for 46.1% of total trade with uptake at 37,750 MT. Europe was close behind at 33,450 MT to account for 40.8%. Other destinations were Malaysia at 6,000 MT (7.3%), Japan 2,700 MT (3.3%) and China 2,000 MT (2.4%).
Delivery of copra meal was 44,781 MT, a substantial rise by 21.7% over last year at 36,800 MT and dwarfing by 44.1% the monthly average at 31,086 MT. Vietnam was top buyer with purchases at 12,881 MT representing 28.8% of total. China trailed very closely at 12,800 MT (28.6%) as did Korea at 12,500 MT (27.9%). India took in 6,600 MT (14.7%).
Shipment of desiccated coconut at 7,940 MT edged 2.5% higher from 7,743 MT but was behind the monthly average at 9,982 MT by 20.5%. On the other hand, oleochemicals export at 5,350 MT as copra slumped 29.0% from 7,530 MT. This month total, however, exceeded the monthly average at 4,393 MT by an appreciable 21.8%. There was no export of copra during the month, as of this report, although 24 MT was reported in the same month last year.
The cumulative export figure for the 11-month period to November was 1,519,653 MT, slightly lower by 3.4% compared to 1,573,105 MT at the same time last year. Breakdown is as follows, in MT: copra 92 (111 last year), coconut oil 821,313 (847,175), copra meal 355,638 (223,848), desiccated coconut 107,763 (108,561), oleochemicals as copra 49,280 (60,430).