Philippine Coconut Products Export Down in July

UCAP preliminary data showed Philippine export of coconut products in July totaled 136,838 MT in copra terms, a substantial drop by 32.9% from 203,968 MT in a similar month a year earlier, but surpassed by 34.5% the previous month figure estimated at 101,713 MT.  This month’s shipment was 10.4% below the average registered during the first half of the year at 152,764 MT.

Shortfalls were recorded in all products in review, except for desiccated coconut, when compared with year-ago figures.  

Coconut oil export shrank 37.1% to 70,870 MT from 112,646 MT last year and was 13.3% short of the average in the previous six months at 81,702 MT.  The US was the top destination during the month, dislodging consistent leader Europe.  Volume at 27,700 MT was 39.1% of total lifting while Europe handled 18,230 MT or 25.7%.  Malaysia was third biggest outlet at 12,000 MT (16.9%) trailed by Indonesia at 7,140 MT (10.1%), Japan at 3,000 MT (4.2%), and China at 2,800 MT (4.0%).

Delivery of copra meal was 24,700 MT, squeezing by 49.2% previous year volume at 48,613 MT but exceeded the monthly average at 18,575 MT by 33.0%.  A good part of the shipment went to Korea at 16,200 MT or nearly two-thirds total (65.6%).  Other destinations were Vietnam at 3,300 MT (13.4%), India at 3,000 MT (12.1%) and China at 2,200 MT (8.9%).

Desiccated coconut defied the declining trend with export during the month rising 13.9% to 12,226 MT from 10,737 MT.  It likewise bested the monthly average at 11,510 MT by 6.2%.  Overseas purchases of oleochemicals at 5,444 MT as copra contracted 36.4% from 8,565 MT but was 3.0% above average at 5,283 MT.

The cumulative figure for January-July reached 1,053,419 MT in copra terms.  This is a significant drop by 25.4% from 1,412,145 MT at the same time a year ago. The figure combined the January-April official data from the Philippine Statistics Authority (PSA) and UCAP estimates for May through to July. Breakdown is as follows, MT: coconut oil 561,078 (755,681 last year), copra meal 136,148 (226,601), desiccated coconut 81,287 (96,932), oleochemicals as copra 37,143 (62,787).