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PH coconut exports up 69% at end-May

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PH coconut exports up 69% at end-May

The volume of major coconut-based products sold abroad ballooned by 69 percent year-on-year in the five months to May, reaching 685,528 metric tons in copra terms.

Preliminary figures from United Coconut Associations of the Philippines (Ucap) showed outbound shipment volume for the first five months of 2017 surged from 404,791 tons in the same period of 2016.

From January to May, shipments of top dollar-earner coconut oil (CNO) jumped 70 percent to reach 378,850 tons.

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Also, shipments of desiccated coconut surged by 87 percent to reach 42,604 tons while those of oleochemicals jumped by 13 percent to 18,309 tons.

The volume of copra meal, however, fell by 17 percent to 101,007 tons.

In May alone, the growth in coconut exports grew 57 percent year-on-year with the volume pegged at 101,047 tons.

Ucap said exports had been growing month after month since October 2016.

In May, total volume was 31 percent lower than the 146,120-ton average in the previous four months.

May exports of CNO shot up by 53 percent to 51,700 tons, although this was 37 percent lower than the first-quarter average of 81,788 tons.

Europe remained the top destination and was responsible for almost two-thirds of CNO cargoes or 34,500 tons. The US accounted for over a quarter (28 percent) at 14,650 tons while Japan took in 2,500 tons (4 percent).

For May, shipments of copra meal plunged 52 percent to 16,060 tons. These went to India, Vietnam and China.

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Exports of desiccated coconut revved up by 126 percent with 9,918 tons, the only product category outperforming the monthly average of 8,171 tons.

Cargoes of oleochemicals dropped by 13 percent to 3,650 tons in copra terms, just below the monthly average of 3,665 tons.

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TAGS: Business, coconut, United Coconut Associations of the Philippines (Ucap)
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