Destinations of Coconut Oil Export in MayThursday, August 13, 2020
Export of coconut oil in May still largely consisted of crude coconut oil at 47,697 MT. However, export of RBD (refined, bleached and deodorize) oil at 9,930 MT exceeded that of cochin (refined, bleached) oil at 4,116 MT, which seldom happens. The combined revenue of these three oil types was USD55.907 million.
Europe continued as leading destination of coconut oil with uptake during the month of the three oil types combined at 34,066 MT or 55.2% of total. US purchases at 9,686 MT accounted for 15.7%, followed by Malaysia at 8,121 MT (13.2%), China 3,987 MT (6.5%), South Korea 3,026 MT (4.9%), and Japan 2,148 MT (3.5%).
By product type, Europe remained a primary market for crude coconut oil at 33,587 MT (Netherlands 16,064, Italy 15,993, Spain 1,530). Other importers were Malaysia at 8,099 MT, the US at 5,950 MT and China 61 MT. For cochin oil, key destinations were Japan at 2,100 MT and the US at 2,000 MT. Other markets were Taiwan and Russia which took in 8 MT each.
China was market leader in RBD oil cornering 3,925 MT, closely followed by South Korea at 3,026 MT, the US at 1,737 MT, Europe 479 MT (Netherlands 340, Poland 41, Belgium 40, Slovakia 35, Greece 24), Pakistan 166 MT, Canada 156 MT, Taiwan 152 MT, Bangladesh 120 MT, Japan 48 MT, Vietnam 35 MT, Argentina 26 MT, New Zealand 24 MT, Malaysia 22 MT, and Hong Kong 15 MT.