Philippine Export of Coconut Products Down in November

Thursday, December 22, 2022

UCAP estimates show, Philippine export of coconut products in November fell sharply by 26.7% to 135,321 MT in copra terms from 184,522 MT in a similar month last year to record its first year-on-year decline for the year.  The figure likewise indicated a shortfall of 27.1% when compared with October unofficial data at 185,546 MT. Compared to the prior 10-month average (January-October average) at 103,755 MT, this month total fell sharply by 36.3%. 

Steep drop in coconut oil shipment in the main dragged total export during the month.  Export of coconut oil slumped 30.5% year-on-year to its lowest level this year at 66,100 MT from 95,115 MT; likewise, the figure did not fare well with the monthly average at 103,775 MT.   The US was this month top destination with lifting at 28,500 MT representing 43.1% of total shipment.  Consistent leader Europe became a close second at 27,200 MT (41.1%), trailed by Malaysia at 8,000 MT (12.1%) and Japan at 2,400 MT (3.6%).

External trade of byproduct copra meal similarly heavily contracted by 48.6% at 19,200 MT from 37,374 MT and was below average at 30,446 MT by 36.9%.  The commodity was shipped to only two countries, Korea and Vietnam.  The former cornered nearly two-thirds (65.6%) at 12,600 MT while Vietnam handled the remainder at 6,600 MT (34.4%).

Overseas purchases of desiccated coconut registered a cutback by 21.0% at 12,974 MT from 16,415 MT and similarly lagged 4.5% from the average at 13,586 MT.  On the other hand, oleochemicals shipment at 10,342 MT as copra exceeded by 26.6% last year at 8,167 MT as well as the average at 8,821 MT by 17.2%. 
Despite an appreciable shortfall in November, the cumulative export figure for the 11-month period to November was still substantially above same time last year. Total at 2,080,795 MT in copra terms was 31.8% higher compared to 1,578,182 MT previously.  The figure combined the Philippine Statistics Authority (PSA) January-August data and UCAP estimates for September-November. Based on the data, coconut oil and copra meal bested respective last year performances contrasting with underperformances in desiccated coconut and oleochemicals, as shown in the following breakdown, MT: coconut oil 1,103,846 (783,139 last year), copra meal 323,664 (287,784), desiccated coconut 148,830 (149,108), oleochemicals as copra 98,556 (104,572).

Matched against the annual figures last year which showed coconut oil at 881,088 MT, copra meal at 323,806 MT, desiccated coconut 163,811 MT, oleochemicals as copra at 121,979 MT, estimated 11-month tally showed coconut oil has exceeded by 25% last year total, copra meal nearly equaled last year.  The cumulative figure for desiccated coconut is 90.9% of last year total, and oleochemicals 80.8%.

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