THE country’s coconut oil (CNO) exports in March declined by 69.5 percent to 40,699 metric tons (MT), from 133,437 MT recorded a year ago, according to preliminary data from the United Coconut Associations of the Philippines (Ucap).
Ucap Executive Director Yvonne Agustin said the contraction was due to the onslaught of El Niño, which slashed copra output.
Agustin said traders also failed to ship out some 11,000 MT of CNO in March, as one of the vessels that was supposed to transport it did not arrive. Ucap said CNO shipments in March were the lowest recorded in the first quarter of 2016.
More than half, or 59.7 percent, of CNO shipments in March went to European countries, while 27.8 percent were exported to the United States. Combined shipments to Japan and Malaysia accounted for 12.6 percent.
The industry group said the sharp decline in CNO exports was responsible for the drop in the country’s overall exports of coconut products during the period.
Ucap’s preliminary data showed that total exports of coconut products in March fell by 64.2 percent to 80,091 MT (in copra terms) from 223,726 MT posted last year. This was also 27.7 percent lower than the 110,769 MT exported in February.
Copra meal exports in March dropped by 2.6 percent to 24,937 MT from 25,596 in 2015.
South Korea, which purchased 12,337 MT, was the top destination of coconut products during the period. This represents almost one-half of total trade. The balance of 12,600 MT was equally split between India and Vietnam.
Meanwhile, outward shipments of desiccated coconut during the period reached 8,175 MT, 38.7 percent higher than last year’s record of 5,894 MT. Oleochemical exports also rose by 2.9 percent to 2,850 MT.
In January to March, exports of coconut products reached 279,892 MT in copra terms, 36.1 percent lower than the 438,081 MT recorded a year ago. Ucap data also showed that CNO exports declined by 40.42 percent to 150,902 MT, from 253,274 MT in the first quarter of the year.
Copra meal exports went down by 31.48 percent to 65,111 MT, from 95,031 MT, while outward shipments of desiccated coconut rose by 8.68 percent to 20,752 MT.
