THE country’s earnings from coconut-based products surged by 44 percent to over $2.2 billion as of August, as supply constraints pushed prices.
Data from the Philippine Statistics Authority (PSA) showed that the value of coconut-based exports leaped to $2.26 billion as of the end of August from $1.57 billion a year ago.
Shipments of coconut oil led the product group among other products, as it jumped by 43 percent to $1.83 billion in the reference period from $1.28 billion last year.
Industry sources said coconut oil prices have been on an upswing, propelled by tight supply from major producing countries due to adverse weather effects and the spike in quotations for other vegetable oils.
Historical figures from the World Bank showed that the average price of coconut oil skyrocketed to a record $2,771 per metric ton (MT) in July.
If this trend continues, the Philippine Coconut Authority (PCA) said the country’s export receipts from coconut oil alone will hit a new record high in 2025.
Such an outlook stemmed from growing demand and surging prices of the tropical oil in the world market. Last year, coconut oil earnings grew to $2.22 billion.
The World Bank expects coconut oil products to average at $1,800 per MT this year, higher than the average price of $1,519 per MT posted in 2024.
Meanwhile, the country’s outbound shipments of desiccated coconut skyrocketed by 75 percent to $323.52 million in January to August from $185.15 million in the previous year.
Export revenues of other coconut products also grew by 45 percent to $75.82 million from $52.49 million.
However, earnings from the outbound shipments of copra meal or cake slumped by 45 percent to $26.49 million from $48.08 million.
The United Coconut Association of the Philippines (Ucap) recently said export receipts from coconut-based products could hit as high as $3 billion in 2026 on the back of an expected rebound in output.
Meanwhile, PSA data also indicated that the country’s exports of fruits and vegetables during the reference period jumped by 21.3 percent to $1.9 billion from $1.55 billion.
Outbound shipments of bananas led the category, rising by 29 percent to $1.05 billion from last year’s $818.37 million, based on PSA data.
Exports of pineapple juice grew by 32.5 percent to $92.1 million from $69.5 million a year ago. However, shipments of canned pineapple dropped by 0.8 percent to $141.88 million from $143.06 million.