Philippine Export of Coconut Products Up Slightly in Octobe

UCAP estimates show Philippine export of coconut products in October totaled 185,546 MT in copra terms, a marginal rise by 1.0% from last year at 183,796 MT but an appreciable 16.5% hike from last month shipment estimated at 159,330 MT. Compared to the monthly average (January-September average) at 195,547 MT, this month data lagged by 5.1%. 
Export of coconut oil had a modest rise by 5.7% year-on-year at 98,400 MT from 93,101 MT but fared below average at 104,342 MT by 5.7%.  Europe was still a market leader responsible for more than half (55.6%) of total delivery or 54,700 MT, trailed by the US at 34,550 MT (35.1%). Other markets were Malaysia and Japan with respective purchases at 6,500 MT (6.6%) and 2,650 MT (2.7%). 
Shipment of byproduct copra meal at 27,100 MT leaped 30.4% from 20,787 MT but was 12.1% below average at 30,818 MT. Korea and China were key markets with the former importing 12,600 MT and China 11,200 MT for respective market share of 46.5% and 41.3%. Japan held the remaining 3,300 MT or 12.2%.
External trade of desiccated coconut was 12,415 MT, a substantial reduction by 23.0% from prior year at 16,118 MT and 9.5% lower than the average at 13,716 MT. Oleochemicals similarly suffered a shortfall of 8.4% at 10,161 MT as copra from 11,097 MT but beat the monthly average at 8,672 MT by 17.2%,  
 
Export in January-October accumulated to 1,945,471 MT in copra terms, surpassing by a hefty 39.6% a comparable year-ago period total at 1,393,660 MT. The figure consisted of Philippine Statistics Authority (PSA) January-August data and UCAP estimates for September-October. Data show this year exports for the 10-month period surpassed last year respective performances, except oleochemicals, led by coconut oil as shown in the following breakdown, in MT: coconut oil 1,037,746 (688,024 last year), copra meal 304,464 (250,410), desiccated coconut 135,855 (132,693), oleochemicals as copra 88,213 (96,405). 
PSA data as of August showed total exports for the eight-month period as follows:  coconut oil 860,396 MT, copra meal 260,864 MT, desiccated coconut 108,655 MT, oleochemicals as copra 66,901 MT. Matched against the annual figures last year which showed coconut oil at 881,088 MT, copra meal at 323,806 MT, desiccated coconut 163,811 MT, oleochemicals as copra at 121,979 MT, it has become clear that exports of coconut oil, copra meal and desiccated coconut will substantially exceed last year totals, as has been depicted in the 10-month UCAP running tallies.