Philippine Export of Coconut Products Down in JuneThursday, July 25, 2019
UCAP estimates show export of coconut products dropped 13.6% in June to 154,703 MT in copra terms from 179,098 MT in June last year, capping successive months of year-on-year increases that began in February. All products in review registered year-on-year shortfall during the month. The total also was 26.2% lower than the preceding month’s shipment estimated at 209,566 MT.
Coconut oil export slumped 15.0% to 84,569 MT from 99,481 MT year-ago. The figure is 13.7% below current average (January-May average) at 98,025 MT. Europe maintained its position as top coconut oil destination capturing 43.7% of total trade with 36,970 MT. The US followed with market share of 35.7% at 30,199 MT, trailed by Malaysia and Japan with 16,000 MT (18.9%) and 1,400 MT (1.7%), respectively.
Copra meal posted the biggest cutback among coconut products at 52.2%. Shipment shrank to 15,300 MT from 31,995 MT, likewise below average of 23,908 MT by 36.0%. Korea remained the leading importer with purchases at 6,300 MT accounting for 41.2%, with India and Vietnam likewise following in that order. Shipment to India was 6,000 MT (39.2%) and to Vietnam 3,000 MT (19.6%).
Desiccated coconut recorded the least decline with outbound load shedding only 1.1% at 10,950 MT from 11,077 MT. Volume, however, exceeded the average at 9,098 MT by 20.4%. Similarly, oleochemicals export at 3,537 MT trimmed down last year total at 4,066 MT by 13.0% but was 9.9% above average at 3,219 MT.
Export in the first six months of the year accumulated to 1,025,110 MT in copra terms, surpassing by an appreciable 29.5% a similar period year-ago total at 791,891 MT. Breakdown is as follows, in MT: coconut oil 574,693 (437,274 last year), copra meal 148,302 (208,653), desiccated coconut 59,438 (46,839), oleochemicals as copra 21,003 (25,389).