UCAP Estimate: Philippine Export of Coconut Products Down in October

Philippine export of coconut products in October was 139,732 MT in copra terms, according to UCAP estimates, a reduction by 26.6% from 190,253 MT in the same month a year ago. The figure likewise showed a 29.1% shortfall from the prior month estimated shipment of 196,947 MT.  Against the previous nine-month average (January-September) at 255,633 MT, this month’s total was 38.1% behind.
The substantial decline in coconut oil shipment dragged total export for the month.  Coconut oil lifting plunged 32.1% to 70,350 MT from 103,610 MT last year.  This level was 43.8% below the monthly average at 125,239 MT.  The USA was this month’s leading destination responsible for 38.6% of total delivery or 27,190 MT.  Malaysia was second biggest market at 18,000 MT (25.6%), trailed closely by Europe at 17,300 MT (24.6%), Indonesia at 5,000 MT (7.1%) and Japan at 2,860 MT (4.1%).  
Copra meal export by contrast leaped 79.7% to 25,850 MT from 14,383 MT but lagged by 11.1% when compared to the monthly average at 29,085 MT.  The shipment was almost equally split between China and South Korea.  China took in the slightly bigger share of 50.5% or 13,050 MT and South Korea 49.5% or 12,800 MT.
       Desiccated coconut and oleochemicals also fared well during the month. External trade of desiccated coconut grew 8.4% to 14,672 MT from 13,540 MT and exceeded the monthly average at 13,972 MT by 5.0%.  Oleochemicals hiked 10.7% to 5,381 MT as copra from 4,859 MT and similarly bested the monthly average at 5,240 MT by 2.7%.
January-October exports tallied 2,170,423 MT in copra terms, based on UCAP  estimates, topping by 25.6% a similar period year-ago data at 1,728,078 MT.  The figure combined the January-July official data from the Philippine Statistics Authority and the UCAP estimates for August through to October.  All products but oleochemicals outstripped prior year figures as shown in the following breakdown, in MT: coconut oil  1,197,500 (926,768 last year), copra meal 287,616 (236,585), desiccated coconut 140,415 (130,194), oleochemicals as copra 52,538 (55,728)