Philippine Coconut Products Export Down Sharply in July

UCAP estimates show Philippine export of coconut products
dropped again in July. Total at 49,163 MT in copra
terms, the lowest on record in a single month, plunged
71.6% from 172,878 MT in July last year. This likewise
trimmed last month unofficial total at 142,081 MT by
65.5%.
Rapid drop in coconut oil export by 78.5% to only
20,320 MT from 94,690 MT last year dragged aggregate
export in July. This month shipment was way below the
monthly average of the first half of this year at 76,695 MT.
Europe continued to take bulk of coconut oil export and for
this month captured 60% of total with purchases of 12,200
MT. The US market took in 6,000 MT and Japan 2,120 MT
for respective market shares of 29.5% and 10.4%.
There was no reported shipment of copra meal in July
as of this report, confirming the low coconut oil production
during the month. Moreover, it suggests the limited
copra meal output during the month was fully absorbed in
the local market.
Shipment of desiccated coconut was estimated at 9,653
MT, reducing last year total at 13,427 MT by 28.1%. On
the other hand, oleochemicals increased shipment by 9.2%
at 1,985 MT as copra from 1,817 MT. However, both products
fared below respective first half monthly averages at
11,379 MT and 6,176 MT.
January-July export accumulated to 914,666 MT in
copra terms, based on UCAP estimates. This scaled back
same period last year total at 1,257,843 MT by 27.3%.
Oleochemical remained a growth sector during the period
posting 30.6% upturn over last year. Breakdown is as
follows, in MT: coconut oil 480,487 (697,570 last year),
copra meal 114,363 (183,837), desiccated coconut 77,927
(81,793), oleochemicals as copra 31,527 (24,131).