Philippine Export of Coconut Products Down in March

Philippine exports of coconut products in March, based on UCAP estimates, totaled 132,058 MT in copra terms to record a substantial shortfall of 37.9% from 212,780 MT in the same month last year.  This is the third month in a row that exports reflected a year-on-year deficit. Moreover, the month’s figure lagged from the previous month’s preliminary data at 140,028 MT by 6.3%.  

The decline in aggregate exports was exclusively on account of coconut oil which showed    significant contraction from last year. Other products, by contrast, posted increases. 

Coconut oil lifting in March shrank 44.5% year-on-year to 65,670 MT from 118,377 MT.  This is slightly higher though than the most recent low recorded in November 2023 at 64,677 MT.   The EU remained the leading destination, responsible for 23,500 MT or 35.8%, trailed by the USA at 19,750 MT or 30.1%.   
On the note there was a reduced market share of the traditional outlets, the EU and USA, of 65.1% from 82.8% recorded in the previous month, and the expanded participation from Asia. Malaysia was third biggest destination at 9,160 MT (13.9%), followed by Indonesia at 8,330 MT (12.7%), Japan at 2,530 MT (3.9%) and South Korea at 2,400 MT (3.7%). 

On the other hand, exports of copra meal escalated pronouncedly by 53.5% to 23,500 MT from 15,310 MT.  South Korea remained a top importer cornering 54.9% or 12,900 MT, followed by India which held 31.1% or 7,300 MT and China with market share of 14.0% or 3,300 MT.

Overseas purchases of desiccated coconut was a shade higher by 1.2% at 14,753 MT compared to 14,576 MT previously while that of oleochemicals shot up 113.8% to 5,011 MT as copra from 2,344 MT.  

The cumulative figure for the first quarter of this year, based on UCAP estimate, at 497,418 MT in copra terms skidded 21.6% from 634,298 MT.  Coconut oil and oleochemicals trimmed shipment while copra meal and desiccated bested the previous year data as shown following, MT: coconut oil 260,439 (346,759 last year), copra meal 73,450 (63,817), desiccated coconut 44,521 (41,854), oleochemicals as copra 15,190 (19,178).