Philippine Exports of Coconut Products Down Sharply in August

UCAP estimates showed Philippine exports of coconut products contracted pronouncedly by 57.6% in August to 86,723 MT in copra terms from a similar month last year at 204,407 MT.  The figure also fell from the previous month’s unofficial total of 114,313 MT by 24.2%.  This is also short or about half of the seven-month average (January-July) of 176,460 MT.

All export products did not fare well with respective year-ago data, with coconut oil showing the steepest year-on-year decline.  While availability has eased a bit, bad weather hampered delivery of copra to the mills for crushing. 

Export of coconut oil plunged 65.8% to 37,181 MT from 108,695 MT.  The figure is 61.2% below the monthly average at 95,787 MT.  The USA was this month’s primary destination, handling 16,500 MT (44.4%) while shipment to Europe was 11,500 MT (30.9%).  About a quarter of the month’s export went to Asia: South Korea at 3,500 MT (9.4%), Malaysia at 3,000 MT (8.1%) and Japan at 2,681 MT (7.2%).

Copra meal exports dropped as well on reduced crushing activity. Total overseas trade at 18,100 MT slumped 62.4% from 48,133 MT and was 27.2% behind the monthly average at 24,858 MT.  South Korea was market leader responsible for over two-thirds (67.4%) of total business or 12,200 MT.  Other importers were China at 3,150 MT (17.4%), and India at 2,750 MT (15.2%). 

Deliveries of desiccated coconut during the month posted a shortfall of 12.1% to 14,805 MT from 16,845 MT, but exceeding the monthly average at 13,417 MT by 10.3%.   Oleochemical export similarly contracted 17.4% to 4,816 MT as copra from 5,832 MT but surpassed the monthly average at 3,673 MT by 31.1%.  

The eight-month to August exports tallied 1,321,942 MT in copra terms, according to UCAP estimates, recording a 29.7% deficit from 1,879,567 MT at the same time last year.  The totals comprised of January-April official data from the Philippine Statistics Authority and UCAP estimates for May through to August. All products showed lower volumes than last year as shown following, MT: coconut oil 707,691 (1,045,384 last year), copra meal 192,107 (245,899), desiccated coconut 108,724 (114,950), oleochemicals as copra  30,528 (42,506).