Philippine Export of Coco Products Shot Up in May

Export of coconut products rocketed 69.7% in May to 209,566 MT in copra terms from 123,481 MT in May last year, according to UCAP estimates, extending a double-digit year-on-year growth enjoyed for the fourth straight month.  The total likewise was a sharp increase over last month unofficial figure at 146,792 MT by 42.8% and exceeded the past four-month average (January-April) at 180,672 MT by 16.0%.  

Coconut oil export swelled to almost double last year.  Volume posted a whopping 86.3% increment at 123,132 MT from 66,097 MT last year. The total included spillover volumes from previous month which were not loaded on time. The figure is the highest so far this year and topped by 19.4% the monthly average at 103,097 MT.   Europe remained a leading destination responsible for 38.5% at 47,457 MT, closely trailed by the US which accounted for 35.8% at 44,030 MT.  Malaysia as third biggest buyer took in 18,000 MT (14.6%) while Indonesia held 10,000 MT (8.1%) and Japan 3,645 MT (3.0%).  

This contrasted with shipment of copra meal at 21,300 MT which halved last year total at 43,363 MT (-50.9%).  However, this figure is 5.6% above average at 20,167 MT.  Korea continued a primary market capturing more than half (57.7%) of total trade at 12,300 MT, tracked by India at 6,000 MT (28.2%) and Vietnam 3,000 MT (14.1%).  

Outbound load of desiccated coconut likewise declined during the month.  Total at 6,274 MT trimmed last year data at 8,285 MT by 24.3% and was 30% behind the monthly average at 8,958 MT.  Oleochemicals ship out at 4,418 MT as copra similarly posted deficit of 23.2% from last year at 5,756 MT but bested the monthly average at 3,177 MT by 39.1%. 

January-May export aggregated 800,478 MT in copra terms, increasing pronouncedly by 30.6% from 612,794 MT at the same time last year.  Breakdown is as follows, in MT: coconut oil 450,147 (337,793 last year), copra meal 130,151 (176,658), desiccated coconut 44,790 (35,762), oleochemicals as copra 16,710 (21,324).