Philippine Export of Coconut Products Down in October

Philippine export of coconut products in October totaled 164,580 MT in copra terms based on UCAP estimates.  This reduced by 14.6% last year shipment at 192,822 MT but bested by a hefty 48.1% prior month unofficial figure at 111,110 MT, and by 17.3% the monthly average (January-September) at 140,257 MT.

Export of coconut oil at 88,208 MT contracted 13.5% from last year at 101,975 MT but was 24.9% above the monthly average at 70,641 MT.  Europe remained top destination and for this month cornered nearly one-third (31.0%) of the pack at 27,374 MT.  Malaysia was second biggest outlet responsible for 29.5% or 26,000 MT, trailed closely by the US at 25,750 MT (29.2%), Indonesia 7,500 MT (8.5%) and Japan 1,584 MT (1.8%). 
Copra meal was this month’s only gainer with shipment at 18,650 MT topping last year at 16,900 MT by 10.4%.  It likewise outpaced the monthly average at 15,716 MT by 18.7%.  Key markets were India and South Korea with uptake at 6,300 MT (33.8%) apiece.  Other importers were Japan at 3,050 MT (16.4%) and Vietnam at 3,000 MT (16.1%). 

External trade of desiccated coconut at 13,610 MT showed 19.0% deficit from last year at 16,793 MT but surpassed by 9.8% the monthly average at 12,392 MT.  On the other hand, oleochemicals was the biggest loser with delivery at 3,525 MT as copra clipping last year at 4,994 MT by 29.4%.  Current month volume was 60.7% below average at 8,969 MT. 

January-October export totaled 1,406,584 MT in copra terms, a cutback by 20.9% from same time last year figure at 1,779,051 MT.  Oleochemical remained the only growth sector despite recording the sharpest drop this month.  Breakdown of shipment is as follows, in MT: coconut oil 723,974 (974,459 last year), copra meal 160,095 (250,063), desiccated coconut 111,552 (127,211), oleochemicals as copra 84,951 (35,613).