PHILIPPINE COCONUT PRODUCTS EXPORT UP IN AUGUST

UCAP preliminary data show Philippine export of coconut products in August slightly increased by 3.2% year-on-year to 115,534 MT in copra terms from 111,986 MT.   The figure, however, is 1.3% shy of last month unofficial total at 117,097 MT.  Save for copra meal, all export products in review posted gains over last year.  However, when compared to the past six months average (January-July) at 137,169 MT, this month data is 15.7% off.   
Coconut oil export at 60,501 MT was little changed from last year at 60,139 MT (+0.6%) but trailed behind the monthly average at 75,472 MT by 19.8%.  The US was this month top destination capturing more than half (52.3%) of the month’s shipment at 31,651 MT.  Europe imported 24,700 MT representing 40.8% of aggregate.  Other destinations were Japan at 2,150 MT and Malaysia at 2,000 MT for respective market shares of 3.6% and 3.3%.  
In contrast, copra meal export materially shrank by 87.1% to 4,035 MT from 31,365 MT.  As against the monthly average at 13,533 MT, this month total represents a marked shortfall of 70.2%.  All shipment was delivered to Vietnam. 
Shipment of desiccated coconut hiked 14.6% to 9,476 MT from 8,268 MT.  It is the only product that exceeded its monthly average, topping the figure at 7,683 MT by a whopping 23.3%.  External trade of oleochemicals at 4,850 MT as copra posted the biggest increment at 30.4% from 3,720 MT last year but was 11.5% below the monthly average at 5,482 MT. 
There was no reported shipment of copra during the month as of this report while 24 MT was recorded last year.  Official data, however, showed monthly exports in the second quarter of the year of 47 MT, 16 MT and 25 MT, respectively. 
Export in January-August accumulated to 1,075,718 MT in copra terms, a leap by 38.0% from 779,606 MT at the same time last year.  Breakdown is as follows, inclusive of adjustments in official June data, in MT: copra 88 (59 last year), coconut oil 588,802 (426,692), copra meal 98,767 (185,782), desiccated coconut 63,259 (49,904), oleochemicals as copra 43,221 (25,102).