Philippine Coconut Exports Drop 37 Percent In May

Exports of Philippine coconut products dropped 37 percent in May to 101,223 metric tons in copra terms from its 2007 level of 160,940 tons, according to the United Coconut Associations of the Philippines (UCAP).

UCAP said the shortfall was the first ever recorded during the year.

Preliminary data from the UCAP showed that except for oleochemicals, major coconut products exported in May reflected big declines.

However, despite the sharp drop in May exports, the cumulative January-May figure continued to outpace last year's volume by 29.6 percent at 753,326 tons in copra terms compared with the level of 581,474 tons for the same period last year.

Shipments in May brought total exports of coconut oil for the first five months of the year to 405,073 tons (from last year's 289,242 tons); copra meal, 221,204 tons (from 154,588 tons); desiccated coconut, 40,317 tons (from 54,952 tons); oleochemicals as copra, 48,020 tons (from 37,400 tons).

In May alone, export of coconut oil dived 42.8 percent year-on-year to 49,157 tons from 85,977 tons. The May volume was the lowest tonnage recorded during the year, according to UCAP.

The bulk of the month's shipment of coconut oil comprising 34,727 tons (70.6 percent) was delivered to the United States. This was followed by China with an uptake of 8,300 tons and Japan, with 3,650 tons.

The European market reduced its imports for the month to 2,480 tons.

Shipment of copra meal likewise slumped 43.7 percent to 38,550 tons from its year-ago level of 68,458 tons.

Unlike coconut oil, the market for copra meal has been consistent with Korea leading the pack, cornering 36,227 tons or about 94 percent of the total product volume shipped in May.

Source: Philippine Daily Inquirer