Coconut-based exports continue to weaken

The volume of major coconut-based exports in September dropped for the third consecutive month, this time by 17 percent year-on-year, to 132,089 metric tons in copra terms, according to the United Coconut Association of the Philippines (Ucap).

Preliminary figures from Ucap also showed that September exports brought the outbound shipment volume for the first nine months of 2018 to 1.16 million tons, falling 11 percent from 1.3 million tons previously.

From January to September, shipments of coconut oil (CNO) shrank by 11 percent to 627,430 tons.

At the same time, the volume of desiccated coconut fell by 7 percent to 78,591 tons and of oleochemicals by 22 percent with 37,486 tons of copra equivalent.

On the other hand, shipments of copra meal jumped by 79 percent to reach 264,266 tons.

In September alone, the volume of all major coconut-based exports at 127,862 tons surpassed by 3 percent the monthly average for the previous eight months.

September exports of CNO decreased by 14 percent to 71,230 tons. However, the volume exceeded the eight-month average of 65,535 tons by 2 percent.

The European market was the top destination for CNO shipments in September, cornering 31,000 tons or 44 percent of the total CNO volume.

The United States came second with 29 percent of exports while Malaysia and Japan received the remaining 27 percent.

For September, shipments of copra meal plunged by 76 percent to 12,150 tons, which was also 61 percent less than the monthly average of 31,515 tons.

Exports of desiccated coconut also fell by 29 percent to 9,169 tons, but outpaced the monthly average of 8,678 tons by 6 percent.

Cargoes of oleochemicals slid by 38 percent to 4,850 tons in copra terms, but the volume was 19-percent higher than the monthly average of 4,080 tons.

There was no shipment of copra in September this year.