Philippine Export of Coconut Products Up in September

Philippine export of coconut products in September totaled 196,947 MT in copra terms, according to UCAP estimates, elevating by 30.1% September last year at 151,433 MT and by a hefty 36.5% spike from the previous month unofficial figure at 144,300 MT.  This month’s total, however, was 14.7% below the monthly average, basis the Philippine Statistics Authority data for the first half of 2024 at 230,954 MT.  
The increase in aggregate exports was almost exclusively credited to coconut oil.  Shipment during the month at 107,315 MT posted an increase of 37.6% year-on-year from 77,995 MT.  The figure, however, was 16.9% behind the monthly average at 129,102 MT.  The USA and Europe remained key markets, jointly accounting for 68.6% of total trade.  Shipment to Europe was 38,050 MT (35.5%) while to the USA was 35,500 MT (33.1%).  Malaysia was third major destination at 25,685 MT (23.9%). Other markets were Japan at 4,080 MT and South Korea at 4,000 MT, for respective market shares of 3.8% and 3.7%,
Export of by-product copra meal likewise hiked 23.5% to 33,550 MT from 27,176 MT and exceeded the monthly average at 27,785 MT by 20.8%.  There were only three recorded outlets led by South Korea at 12,500 MT (37.3%) and trailed by China at 10,700 MT (31.9%) and India at 10,350 MT (30.8%).
, Overseas purchases of desiccated coconut during the month slightly declined by 4.6% to 13,720 MT from 14,389 MT, while oleochemicals barely rose at 5,394 MT as copra from 5,385 MT (+0.2%). Both commodities surpassed the respective monthly averages with desiccated coconut at 0.7% above average at 13,621 MT and oleochemicals at 8.5% above average at 4,971 MT. 
January-September exports accumulated to 1,936,098 MT in copra terms, based on UCAP estimates, topping 25.9% at the same time last year data at 1,537,823 MT.  The figure consisted of January-June official data from the Philippine Statistics Authority and the UCAP estimates for July through to September.  All products but oleochemicals bested respective prior year figures as shown in the breakdown following, in MT: coconut oil 1,068,523 (823,157 last year), copra meal 263,940 (222,202), desiccated coconut 122,903 (116,654), oleochemicals as copra 50,013 (50,869).