Philippine Exports of Coconut Products Down in March

Philippiine exports of coconut products in March, according to UCAP estimates, totaled 196,463 MT in copra terms.  This is 6.6% below a similar month a year ago at 210,300 MT and a steeper 54.9% rise from the estimated February export at 126,839 MT.  The figure also exceeded 29.7% the monthly average for the last two months at 151,462 MT.

Drop in coconut oil shipment dragged total exports lower during the month. Shipment of by-product copra meal likewise declined but at double digit rate. 

Exports of coconut oil declined 8.3% year-on-year to 106,870 MT from 116,516 MT but surpassed the monthly average at 78,433 MT by an appreciable 36.3%.  Europe remained a primary destination responsible for more than two-thirds (67.6%) of the month’s lifting or 71,890 MT.  The USA accounted for nearly a quarter (24.7%) or 26,250 MT.  The remaining 7.7% was shared by Japan and South Korea.  The former held 5,230 MT (4.9%) and South Korea 3,000 MT (2.8%). 

Shipment of copra meal at 20,350 MT was 18.3% short of the previous year at 24,906 MT but was slightly above average at 19,776 MT by 2.9%.  South Korea remained the major importer cornering 67.6% or 13,750 MT while India took delivery of the remaining 6,600 MT or 32.4%.

By contrast, exports of desiccated coconut and oleochemicals were higher than last year.  Desiccated coconut gained 5.2% to 14,662 MT from 13,939 MT, but barely rose from the monthly average at 14,624 MT (+0.3%).  Oleochemicals hiked 9.4% to 4,160 MT as copra from 3,803 MT but was 4.3% below average at 4,346 MT.

Total exports for the first quarter of this year at 499,367 MT represented a 25.6% reduction from 671,437 MT at the same time a year earlier.  Breakdown is as follows, MT:  coconut oil 263,735 (379,908 year-ago), copra meal 59,900 (78,971), desiccated coconut 43,910 (38,480), oleochemical as copra 12,852 (8,916).