Advertisementspot_img
Thursday, December 1, 2022

Delivering Stories of Progress

Advertisementspot_img

Phl exports down by 2.0% in August, coconut oil exports sustain growth

Latest article

Advertisement - PS02barkero developers premium website

THEPHILBIZNEWS Partner Hotels

Okada Manila
Hotel Okura Manila
The Manor at Camp John Hay
Discovery Suites
Novotel Manila
Hotel 101 Manila
Advertisement - PS02barkero developers premium website

For August 2022, the Philippines registered USD6.4 billion in export sales, a decrease of 2.0% from USD6.5 billion in August 2021. Exports were dragged by the year-on-year decline in exports of electronic products, other mineral products, machinery and transport equipment, and chemicals, which comprise 66.5% share of the country’s total exports in August 2022.   

For January to August 2022, cumulative export sales reached USD51.2 billion, 4.4% or USD2.2 billion higher than the same period in 2021, based on the preliminary data from the Philippine Statistics Authority (PSA). Further, cumulative export growth was driven by higher sales generated from coconut oil, other mineral products, chemicals, other manufactured products, and electronic products.  

Coconut oil ranked as the fastest-growing commodity group, recording a 96.2% year-to-date growth with cumulative export sales reaching USD1.6 billion from January to August this year. Export earnings from coconut oil in August 2022 also increased to USD168.2 million or 26.6% higher as compared to USD132.9 million in the same period in 2021. Overall, coconut oil exports have consistently been increasing at double-digit growth rates compared to three time periods: 2021, 2020, and the pre-pandemic average from 2017 to 2019. 

According to Fortune Business Insights’ Regional Forecast and COVID-19 Impact Analysis on Coconut Derivatives for 2020-2027, several positive outcomes supported the coconut derivative market growth during the COVID-19 outbreak, which includes the rising awareness of the benefits of coconut oil usage. In the Philippines, scientists have also started studying virgin coconut oil (VCO) as a potential treatment for coronavirus. The rapid spread of veganism globally has also resulted in increased demand for plant-based products, including coconut oil and coconut milk which are becoming considered globally as alternatives to animal fats and animal milk, respectively.  

“The DTI has been at the forefront in promoting the coconut sector in international markets. Under the Coconut Farmers and Industry Development Plan (CFIDP), the Department has been assisting coconut farmer enterprises in entering/growing their presence in global markets through the implementation of extensive market research and strategies for the promotion of coconut products”, Trade Secretary Alfredo Pascual said.   

“We are confident that with the right set of marketing strategies, coconut products will gain more traction in international markets, especially as more markets discover the numerous health benefits of coconut products, particularly coconut oil”, the Trade Chief added. 

Building on the momentum of coconut uptake in global markets, DTI has been showcasing Philippine coconut exports in the recently concluded International Food Exhibition (IFEX) in Pasay, Selangor International Expo in Kuala Lumpur, and the Salon International de L’ Alimentation (SIAL) in Paris. Based on the International Trade Centre’s Export Potential Assessment, the Philippines has the potential to expand its exports of coconut products to USD2.1 billion. 

The resurgence of the country’s export sector is still driven by the strong growth in export sales of 22 out of 48 commodity categories compared to three (3) periods: 2021, 2020, and the pre-pandemic average from 2017 to 2019. 

Further, in terms of export markets, the United States accounted for USD1.1 billion or 16.3% of the Philippines’ total exports, followed by Japan at USD931.4 million (14.5% share), China at USD839.2 million (13.1% share), Hong Kong at USD729.3 million (11.4% share), and Singapore at USD433.9 million (6.8% share). 

For inquiries regarding exports, you may email the DTI-Export Marketing Bureau at exports@dti.gov.ph or you may visit tradelinephilippines.dti.gov.ph.

Advertisement - PS04spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisement - PS05spot_img
Advertisement - PS01spot_img

Must read

Advertisement - PS03spot_img