Philippine Export of Coconut Products Down in March

Data from the Philippine Statistics Authority show export of Philippine coconut products in March dropped 14.2% year-on-year 

Philippine Export of Coconut Products Down in March

UCAP preliminary data showed Philippine export of coconut products fell sharply in March by 45.6% to 134,725 MT in copra terms from 247,875 MT in a similar month last year.  The total likewise dropped by 22.0% from February shipment estimate at 172,704 MT.  

All export products did not fare well from respective year-ago data based on UCAP estimates, with coconut oil showing the biggest deficit.  The first quarter 2024 export also lagged from a similar period last year.  Copra meal and desiccated coconut though were growth performers during the quarter. 

Export of coconut oil vastly contracted by 49.9% year-on-year to 68,680 MT from 137,097 MT.  The EU remained a top destination cornering 28,800 MT or 41.9% of the pack while the USA handled 22,700 MT or one-third (33.1%).   Other markets included Indonesia at 12,000 MT (17.5%), Malaysia 3,000 MT (4.4%), and Japan 2,180 MT (3.2%).

Copra meal reduced shipment by 9.4% to 22,550 MT from 24,888 MT with nearly two-thirds (65.9%) or 14,850 going to South Korea.  The balance went to India at 4,400 MT (19.5%) and Vietnam at 3,300 MT (14.6%).

External trade of desiccated coconut was 13,170 MT to record a deficit of 9.1% from last year at 14,485 MT while oleochemicals pronouncedly scaled back shipment by 32.0% at 5,347 MT as copra from 7,866 MT.  

Total export for the first quarter of this year tallied 462,431 MT in copra terms, a cut by 15.6% from 548,033 MT at the same time last year.  Breakdown is as follows, in MT: coconut oil  242,480 MT (300,311 last year), copra meal 55,950 (42,721), desiccated coconut 39,805 (34,642), oleochemicals as copra 16,001 (17,790).