Desiccated coconuts: Philippine exports recover
August 21, 2024 at 3:11 PM ,
Der AUDITOR
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Resilient coconut oil
As the experts at T.M. Duché report, April was an excellent month for Philippine coconut producers, with export volumes more than doubling compared to last year. According to the Philippine Statistics Authority, a total of 279,265 mt of coconut products were exported, an increase of 145.8% year-on-year. As a result, revenue also rose considerably, namely by 121.2% to just under USD 254.8 million.
The growth is particularly evident in coconut oil exports, which reached a record high of 160,214 mt - 170% more than in the same period last year. Coconut oil prices have stabilised in recent weeks and have risen to up to USD 1,600/mt CIF Rotterdam, which is also due to a recovery in palm oil prices. The experts at T.M. Duché emphasise that this trend underlines the resilience of coconut oil in the face of general pressure on the market.
Freight costs down slightly
Exports of other coconut products such as desiccated coconuts and copra have also increased significantly, reflecting the robust demand for Philippine coconut products on the global market. Copra is the nutritive tissue of coconuts, which forms the basis for coconut oil production, but can also be used for the production of shredded coconut. The Philippines is by far the largest supplier here. The market is currently relatively tight as copra supply is limited due to heavy rainfall, which is causing sellers to refrain from transactions, according to the market experts.
However, high freight costs continue to pose a major problem for exporters. The Drewry World Container Index (WCI) has continued its downward trend this week. As a result, a 40'FCL currently costs USD 5,428 and has therefore fallen by a further 2% compared to its peak in mid-July. Nevertheless, T.M. Duché emphasises that the WCI is still significantly higher, namely 282% above the average value for 2019 before the pandemic, which must of course be reflected in export prices.
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