Philippines: Less exports of coconut oil seen this year

Published 2021년 4월 16일

Tridge summary

Despite a projected increase in production, the Philippines is expected to export less coconut oil this year due to pandemic-related logistical issues, with exports predicted to drop by 21% to 875,000 metric tons, the lowest since 2016. The country's largest agricultural export is expected to see disruptions from COVID-19 restrictions affecting traditional trading partners. However, a rise in domestic consumption and industrial use, driven by the increase in biodiesel blend mandates and improved rainfall, may mitigate some of the export decline.

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

Original content

MANILA, Philippines — The Philippines is seen to export less coconut oil this year despite increased production as logistical issues brought on by the pandemic weigh in. Based on the latest report of the United States Department of Agriculture-Foreign Agricultural Service (USDA-FAS), coconut oil exports may decline to 875,000 metric tons (MT) this year, based on estimates from the United Coconut Association of the Philippines (UCAP). The figure is 21 percent lower than last year’s 1.112 million MT and will be the lowest since the 882,563 MT recorded in 2016. Coconut oil exports dropped by around seven percent last year from 1.197 million MT in 2019. Coconut oil is the largest Philippine agricultural export and its top markets are the EU and the United States. “Exports of coconut oil also may be disrupted by logistical issues with traditional trading partners due to COVID-19 restrictions,” the USDA said. Meanwhile, the USDA reported that the Philippines’ coconut oil output is ...

Source: Philstar