Global coconut prices depressed due to economic uncertainty and war

Published 2022년 9월 5일

Tridge summary

The global economic uncertainty caused by the Russo-Ukrainian war is impacting the coconut industry, with prices of commodities such as copra and desiccated coconut decreasing significantly in the Philippines and Europe. The decline in demand has affected both exporting and importing countries, including Indonesia, Thailand, Vietnam, and Europe. Alit Pirmansah, the International Coconut Community (ICC) Market Statistics Officer, suggests that business people in the coconut industry can increase domestic consumption and add value to their products to mitigate the effects of the declining demand. Pirmansah remains optimistic that the industry will recover after the war.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Reporter: Noverius Laoli | Editor: Noverius Laoli KONTAN.CO.ID - JAKARTA. The coconut industry has begun to be affected by global economic uncertainty, including the Russo-Ukrainian war. In the Philippines, the price of Copra in March 2022 decreased to US$ 773 per Metric Ton (MT) from the previous US$ 1,221 per MT. Meanwhile, desiccated coconut in the Philippines also fell to US$ 2,000 per MT in July 2022 from the previous US$ 2,700 per MT. Even commodity products such as desiccated coconut, which lack added value, also experienced a significant decline in prices. In the Philippines in domestic trade in March 2022 the price was still US$ 234 per MT, while in July 2022 it decreased significantly to only US$ 151 per MT. Not only in Asia, European countries also experienced the impact of the decline in demand. Such as coconut oil or coconut oil products. In European trade in March 2022 it was still valued at US$ 2,243 per MT, but in July 2022 the price fell to only around US$ 1,433 ...

Source: Kontan