Philippine Export of Coconut Products Down in OctoberThursday, November 26, 2020
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).