Philippine Export of Coconut Products Down in JanuaryThursday, February 25, 2021
Philippine export of coconut products in January based on UCAP estimates totaled 74,686 MT in copra terms, squeezing by 63.9% January last year figure at 207,080 MT mainly due to vastly reduced coconut oil shipment. This likewise scaled back by a whopping 65.3% prior month export estimated at 215,058 MT.
Export of coconut oil plunged 71.1% year-on-year to only 33,334 MT from 115,346 MT. UCAP’s earlier tally for the month was 62,834 MT, but some 29,500 MT were left unshipped due to late arrival of vessels. Therefore, the volume, which was finally loaded earlier this month, will become part of February export.
More than one-half (54.0%) of this month external trade of coconut or 18,000 MT went to Europe while over a third (34.5%) or 11,500 MT was destined for the United States market. The balance at 3,834 MT (11.5%) was delivered to Japan.
Copra meal export similarly plunged by 21.8% to 16,700 MT from 21,353 MT. India and China were the only country importers with India taking in nearly two-thirds (64.1%) of total lifting or 10,700 MT. China held 6,000 MT (35.9%).
Desiccated coconut was the only growth sector in January with shipment rising 2.1% to 12,066 MT from 11,816 MT. Purchases of oleochemicals, on the other hand, were trimmed 45.5% to 3,120 MT as copra from 5,724 MT.