THE country’s export earnings from its coconut-based products soared to $2.62 billion as of the end of September.
Data from the Philippine Statistics Authority (PSA) showed that the value of coconut-based exports leaped by 46 percent to $2.62 billion as of end-September from $1.79 billion in the same period last year.
Exports of coconut oil led the product group among other products, as it surged by 45 percent to $2.12 billion in the reference period from $1.47 billion last year, based on PSA data.
Historical figures from the World Bank showed that the average price of coconut oil rose to $2,589 per metric ton (MT) in October.
The World Bank projects coconut oil prices to average at $1,800 per MT this year, higher than the average price of $1,519 per MT posted in 2024.
Industry sources noted that prices of coconut oil have been on an upward trend, driven by tight supply from leading coconut-producing nations due to weather-related shocks and the surge in quotation for other vegetable oils.
If this trend continues, the Philippine Coconut Authority (PCA) said the country’s export receipts from coconut oil alone will reach a new record high in 2025.
This outlook stemmed from growing demand and surging prices of the tropical oil in the world market. Last year, coconut oil earnings grew to an all-time high of $2.22 billion.
Meanwhile, the country’s outbound shipments of desiccated coconut skyrocketed by 76 percent to $376.87 million in January to September from $214.6 million in the previous year.
Export earnings of other coconut products also grew by 52 percent to $89.84 million from $59.10 million.
However, revenues from the outbound shipments of copra meal or cake slumped by 44 percent to $28.72 million from $51.10 million.
Meanwhile, PSA data also showed that the country’s revenues from fruits and vegetables exports during the reference period jumped by 21 percent to $2.11 billion from $1.74 billion.
Banana shipments led the category, growing by 30 percent to $1.17 billion from last year’s $897.8 million, based on PSA data.
Exports of pineapple juice grew by 24 percent to $104.94 million from $84.61 million a year ago.
However, shipments of canned pineapple dropped by 5.2 percent to $156.5 million from $165.09 million.