Philippine Export of Coconut Products Up Sharply in January

Thursday, February 24, 2022

UCAP estimates for the month of January show Philippine export of coconut products during the month shot up 90.1% to 215,925 MT in copra terms from 113,592 MT in a similar month year-earlier.  The figure is the highest since January 2020 and exceeded prior month total estimated at 174,389 MT by 23.8%.  Compared to the average monthly export aggregate in 2021 at 145,651 MT, based on UCAP estimate, this month data was 45.2% higher.
All products but oleochemicals bested prior year figures.  Compared to respective monthly average data in 2021, only copra meal fell behind. 
Export of coconut oil at 113,943 MT rocketed to more than twice last year total at 52,302 MT (+117.9%).  The highest since January 2020, this month level bested last year monthly average shipment of 72,382 MT by 57.4%.  Nearly two-thirds (64.9%) of this month lifting went to Europe at 73,950 MT.  The United States handled 24,115 MT representing 21.2%, trailed by Malaysia with uptake at 13,900 MT (12.2%) and Japan at 1,978 MT (1.7%).
Copra meal shipment hiked moderately by 7.6% to 21,350 MT from 19,849 MT last year but did not fare well with the average monthly shipment last year at 27,140 MT, falling behind by 21.3%.  Vietnam was top buyer of the month with purchases of 7,700 MT which comprised 36.1% of total trade.  South Korea followed with uptake at 6,300 MT, China with 4,200 MT and Japan with 3,150 MT, for respective market shares of 29.5%, 19.7% and 14.8%.
External trade of desiccated coconut leaped 51.3% to 15,920 MT from 10,523 MT.  This volume bested last year average monthly shipment of 13,695 MT by 16.2%.  By contrast, overseas orders of oleochemicals were trimmed by 26.9% to 10,450 MT as copra from 14,304 MT but surpassed the monthly average at 9,585 MT by 9.0%. 

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