Philippine Export of Coconut Products Up in November

UCAP preliminary data show Philippine export of coconut products in November leaped 60.3% to 201,596 MT in copra terms from 125,761 MT in November last year.  The figure was the highest so far logged during the year and exceeded by 11.0% last month unofficial data at 181,541 MT and by 44.9% the prior10-month average (January-October) at 139,140 MT. 

Of note was a sustained rise in total export since June that accelerated in October and November, with monthly figures of above 180,000 MT and expectedly, with coconut oil dictating the pace of ascent.  Such also signals a progressive recovery earlier anticipated in coconut production this year.  Moreover, this month shipment showed all products surpassed respective monthly averages with coconut oil leading the pack.  

Export of coconut oil continued to show impressive year-on-year growth with lifting in November crossing for the first time since January last year the 100,000 MT-mark at 106,300 MT.  This represents a 68.3% upturn from 63,150 MT in the preceding year and a significant 54.2% edge over the monthly average at 68,915 MT.

Europe and the United States continued to absorb bulk of shipment with combined participation of 95.0% during the month.  Europe was responsible for 52.4% or 55,700 MT and the United States 42.6% or 45,300 MT.  Other destinations were Malaysia at 3,000 MT and Japan at 2,300 MT for respective market shares of 2.8% and 2.2%.

Copra meal export at 31,050 MT rocketed 120.0% from prior year at 14,114 MT and was 29.6% above average at 23,962 MT.  The second biggest monthly shipment in the current year next to September, copra meal exports since June had shown three-digit year-on-year increments, excepting October.  Korea was top destination with orders amounting to 13,450 MT or 43.3% of total, trailed by China with 9,900 MT (31.9%), India 4,400 MT (14.2%) and Vietnam 3,300 MT (10.6%).

External trade of desiccated coconut reached 14,553 MT to record a huge jump by 47.4% from last year at 9,874 MT and 11.4% lead over the 10-month average at 13,061 MT.  Delivery of oleochemicals, however, grew only thinly by 1.1% to 10,366 MT as copra from 10,257 MT and reflected a rise by 8.5% from the average at 9,558 MT. 

Continued sharp increases in recent monthly shipments eventually brought the cumulative figure for January-November to the positive territory vis-a-vis prior year.  Total during the period, based on UCAP estimates, at 1,593,001 MT in copra terms hiked 1.6% from 1,567,871 MT at the same time last year.  All product shipments but oleochemicals were ahead of last year data as shown in the breakdown following, in MT: coconut oil 795,453 (786,349 last year), copra meal 270,673 (173,488), desiccated coconut 145,166 (135,526) oleochemicals as copra 105,940 (110,165).