Philippines: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in the Philippines

The Philippine crude coconut oil market reduced rapidly to $X in 2022, shrinking by X% against the previous year. Over the period under review, consumption, however, saw perceptible growth. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Coconut Oil Production in the Philippines

In value terms, crude coconut oil production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant increase. The growth pace was the most rapid in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Crude Coconut Oil Exports

Exports from the Philippines

In 2022, overseas shipments of crude coconut (copra) oil increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, saw a abrupt slump. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, crude coconut oil exports soared to $X in 2022. In general, exports saw resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons) was the main destination for crude coconut oil exports from the Philippines, with a X% share of total exports. Moreover, crude coconut oil exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Malaysia (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude coconut (copra) oil exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the average crude coconut oil export price amounted to $X per ton, waning by X% against the previous year. In general, the export price, however, showed a strong increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then shrank dramatically in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and Malaysia ($X per ton), while the average price for exports to Italy ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into the Philippines

Crude coconut oil imports into the Philippines skyrocketed to X tons in 2022, jumping by X% against 2021. Over the period under review, imports posted a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude coconut oil imports skyrocketed to $X in 2022. In general, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Japan (X tons) and Singapore (X tons) were the main suppliers of crude coconut oil imports to the Philippines, together accounting for X% of total imports. Sri Lanka, Malaysia and Germany lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest crude coconut oil suppliers to the Philippines were the United States ($X), Japan ($X) and Singapore ($X), together comprising X% of total imports. Sri Lanka, Malaysia and Germany lagged somewhat behind, together accounting for a further X%.

Sri Lanka, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price faced a deep slump. The most prominent rate of growth was recorded in 2017 when the average import price decreased by X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Sri Lanka ($X per ton), while the price for Malaysia ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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