Philippine Export of Coconut Products Up in September

Philippine export of coconut products in September based on UCAP estimates climbed 12.4% year-on-year to 188,087 MT in copra terms from 167,362 MT.  The figure boosted last month unofficial total at 132,612 MT by 41.8% and was the highest so far logged this year.  It also outpaced by 44.0% the prior 8-month average (January-August) at 130,651 MT.  

All export products exceeded respective monthly average figures.  

Export of coconut oil jumped 18.3% to 98,679 MT from 83,382 MT; volume was 58.9% above average at 62,119 MT.  Europe and the US remained key markets with combined share at 89.2% of total lifting.  The former cornered 45.6% or 45,000 MT and the US held 43.6% or 43,000 MT.  Other destinations were Malaysia 6,000 MT, Japan 2,679 MT, and Sri Lanka 2,000 MT, respectively accounting for 6.1%, 2.7% and 2.0%.

Outbound load of copra meal skyrocketed again during the month.  Volume at 47,896 MT tripled last year data at 15,840 MT (+202.4%) and almost doubled the monthly average at 24,327 MT (+96.9%).  Korea was this month chief importer at 19,950 MT representing 41.7% of total, followed by India at 18,046 MT (37.7%), Vietnam at 6,600 MT (13.8%), and China at 3,300 MT (6.9%). 

External trade of desiccated coconut slightly declined by 3.9% at 13,150 MT from 13,678 MT but was 7.2% above the average at 12,269 MT. Oleochemicals shipment likewise contracted at 11,122 MT as copra from 13,862 MT (-19.8%) but similarly exceeded the average at 10,949 MT by 1.6%.

Total export for the first three quarters of 2021 reached 1,216,236 MT in copra terms based on UCAP estimates, posting a 7.8% shortfall from same period last year at 1,318,596 MT.  Copra meal and oleochemicals, as of the period, were ahead of respective year-ago figures as shown in the export breakdown following - coconut oil 595,632 MT (664,288 MT last year), copra meal 242,512 MT (141,085 MT), desiccated coconut 111,300 MT (112,484 MT), oleochemicals as copra 98,710 MT (90,262 MT).