Philippine Export of Coconut Products Down in August

Official data from the Philippine Statistics Authority show Philippine export of coconut products in August fell 9.5% to 155,397 MT in copra terms from 171,696 MT in the same month last year.  Despite decline, this month total was the highest so far attained this year.  Foreign exchange earnings, however, jumped 48.8% to USD228.462 million from USD153.585 million propelled by high border prices. 

Coconut oil lifting at 80,112 MT reduced last year total at 85,963 MT by 6.8% while by-product copra meal spiked more than triple at 27,535 MT from 7,730 MT year-ago.  Desiccated coconut boosted shipment by 16.8% at 15,302 MT from 13,103 MT and registered its highest level thus far this year.  Oleochemicals sharply contracted by 69.5% at 4,577 MT as copra from 14,989 MT.  

Other products performed as follows, in MT: coco shell charcoal 10,071 (+1,078.9% from 854 last year), activated carbon 5,385 (-17.1% from 6,499), virgin coconut oil 2,297 (-11.7% from 2,600), coco water 511,960 liters (+752.0% from 60,093 liters), fresh coconuts 12 (-82.1% from 67), Others 34,398 (+16.6% from 29,503 MT).

Total export for the eight-month period to August reached 1,050,936 MT in copra terms, lower by 8.7% compared to 1,151,234 MT at the same time last year.  Of the major exports, only coconut oil did not fare well from last year.  Gross export receipts amounted to USD1.542 billion, rocketing by 44.7% from USD1.066 billion a year ago in the same period. Breakdown of shipment is as follows:  coconut oil 512,275 (580,906 last year), copra meal 187,750 (125,245), desiccated coconut 101,655 (98,806), oleochemicals as copra 80,635 (76,400).

Other products performance during the period showed double-digit growth year-on-year excepting activated carbon, as shown following: coco shell charcoal 68,823 (53,880), activated carbon 48,725 (52,781), virgin coconut oil 22,127 (16,734), coco water 13.058 million liters (8.447 million liters), fresh coconuts 598 (463), Others 244,341 (200,611).

Philippine Export of Coconut Products Down in August

Philippine export of coconut products based on UCAP estimates fell 22.8% year-on-year in August to 132,612 MT in copra terms from 171,696 MT.  The total likewise was lower than prior month shipment estimated at 144,440 MT by 8.2%.  The figure, however, is above the prior seven-month average (January-July) at 126,679 MT by 4.7%.
All export products but copra meal registered lower shipment during the month compared to respective prior year data.  
Export of coconut oil contracted 24.6% to 64,790 MT from 85,963 MT last year but topped by 6.6% the monthly average at 60,800 MT.  Europe was still a key market responsible for over two-thirds (67.3%) of total deliveries or 43,600 MT.  Malaysia took in 9,000 MT, Indonesia 7,500 MT, and Japan 4,690 MT, for respective market shares of 13.9%, 11.6% and 7.2%. 
External trade of copra meal skyrocketed 345.0% at 34,401 MT from 7,730 MT and bested the monthly average pronouncedly at 24,674 MT by 39.4%.  India remained principal destination capturing 40.8% at 14,050 MT, trailed by Korea at 7,350 MT (21.4%), Vietnam 6,600 MT (19.2%), and China 6,401 MT (18.6%). 
Overseas purchases of desiccated coconut slowed this month.  Total at 11,798 MT posted a 10.0% shortfall from last year at 13,103 MT and was slightly below average at 12,040 MT by 2.0%.  Outbound load of oleochemicals also came down with orders at 11,530 MT as copra, indicating a reduction by 23.1% from the preceding year at 14,989 MT.  However, this month load was just shade below average at 11,557 MT (-0.2%). 
January-August export based on UCAP estimate tallied 970,867 MT in copra terms. This represents a deficit of 15.7% from 1,151,934 MT at the same time last year.   Breakdown is as follows, in MT: coconut oil 490,387 (580,906 last year), copra meal 207,119 (125,245), desiccated coconut 96,080 (98,806), oleochemicals as copra 43,928 (77,100).