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Philippine Export of Coconut Products Up in June

Thursday, July 29, 2021

UCAP preliminary data show Philippine export of coconut products increased in June by 9.5% to 196,885 MT in copra terms from 179,836 MT in a similar month last year.  This is the third consecutive year-on-year monthly rise observed since April. Volume likewise topped last month unofficial total at 163,924 MT by 20.1% and the highest registered during the year. It equally surpassed the prior five-month average (January-May) at 131,368 MT by 49.2%.

Coconut oil export topped the 100,000-mark for the first time this year at 105,433 MT, boosting prior year figure at 92,625 MT by 13.8% as well as the monthly average at 64,261 MT by 64.1%.  Europe remained the top destination capturing more than one-half (54.4%) of total lifting or 57,400 MT.  The United States cornered 30,613 MT (29.0%), followed by Indonesia at 13,907 MT (13.2%) and Japan 3,513 MT (3.3%).

Purchases of copra meal shot up 81.7% to 23,184 MT from 12,759 MT year-ago and likewise outdid the monthly average at 21,435 MT by 8.2%.  China was market leader with orders of 9,184 MT (39.6%), tracked by Korea with 6,300 MT (27.2%), India 4,400 MT (19.0%) and Vietnam 3,300 MT (14/2%).  

Shipment of desiccated coconut at 11,864 MT slightly dropped by 3.9% from 12,347 MT.  Oleochemicals export also recorded a shortfall of 18.5% at 11,188 MT as copra from 13,723 MT.  However, desiccated coconut tonnage was 1.1% above average of 11,730 MT while oleochemicals was 5.4% below average of 11,830 MT.

Export for the first half of this year accumulated to 856,726 MT in copra terms based on UCAP estimate, still lagging by 5.9% from 910,776 MT at the same time last year despite growths recorded during the three-month period to June.  Decrement though has narrowed considerably.  Breakdown is as follows, in MT: coconut oil 426,739 (474,861 last year), copra meal 130,360 (114,773), desiccated coconut 70,516 (70,721), oleochemicals as copra 70,338 (47,695)

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