Philippine Export of Coconut Products Up in December 2020Thursday, January 28, 2021
UCAP estimates show Philippine export of coconut products in December amounted to 215,058 MT in copra terms, boosting last year total at 190,630 MT by 12.8% and soaring 114.1% from prior month unofficial total at 100,454 MT. The figure is above average, besting the past 11-month average (January-November) at 140,216 MT by a whopping 53.7%.
Coconut oil and oleochemicals were the growth sectors this month. Much of the month’s increase in aggregate came from coconut oil with shipment escalating 16.0% year-on-year to 119,540 MT from 103,077 MT last year. This month trade was far above the monthly average at 70,127 MT by 70.5%.
Bulk of the month’s coconut oil deliveries representing 59.4% or 71,000 MT went to Europe, maintaining its position as leading Philippine coconut oil market. The United States cornered 29.0% or 34,500 MT, trailed by Indonesia with uptake at 10,100 MT (8.4%), Malaysia 3,000 MT (2.5%) and Japan 790 MT (0.7%).
Copra meal export, however, slumped 46.5% at 16,050 MT from 29,989 MT last year and likewise was 7.2% below the monthly average at 17,298 MT. India was primary destination responsible for 41.1% at 6,600 MT, closely trailed by South Korea at 6,300 MT (39.3%) and Vietnam at 3,150 MT (19.5%).
Similarly, foreign trade of desiccated coconut in December shrank 10.5% to 13,153 MT from 14,689 MT last year but surpassed the monthly average at 12,608 MT by 4.3%. This contrasted with oleochemicals shipment in the same month at 4,976 MT as copra which beat last year total at 4,305 MT by 15.6%. However, it poorly lagged from the monthly average at 9,411 MT by 47.1%.
However, total coconut products export in calendar year 2020 recorded a shortfall of 16.5% from a similar period year-ago affected by the sharp reduction in coconut oil lifting. UCAP estimates indicate a slash in aggregate volume to 1,758,606 MT in copra terms from 2,105,435 MT previously due to reduced harvest. Oleochemicals was the only growth performer. Breakdown of shipment is as follows, in MT: coconut oil 890,939 (1,146,636 last year), copra meal 206,324 (304,530), desiccated coconut 152,141 (155,034), oleochemicals as copra 109,196 (45,683).