Connect with us

Hi, what are you looking for?


Coconut products proposed as quick fix for stalled exports


THE Department of Trade and Industry (DTI) said it views coconut products as a potential source of export growth, following a decline in the value of merchandise exports in August.

Trade Secretary Alfredo E. Pascual said demand for coconut products is expected to expand in foreign markets, given proper marketing.

“We are confident that with the right marketing strategy, coconut products will gain more traction in international markets, especially as more markets discover the numerous health benefits of coconut products, particularly coconut oil,” Mr. Pascual said in a statement on Wednesday.

The Philippine Statistics Authority (PSA), citing preliminary data, estimated that merchandise exports fell 2% year on year by value to $6.410 billion in August.

The DTI said on a year-to-date basis, export sales rose 4.4% to $51.2 billion. Citing PSA data, it said growth was driven by demand for coconut oil, chemicals, other mineral products, other manufactured products, and electronic products.

“Coconut oil ranked as the fastest-growing commodity group, recording 96.2% year-to-date growth with cumulative export sales reaching $1.6 billion. Export earnings from coconut oil in August 2022 also increased to $168.2 million or 26.6% (from a year earlier),” the DTI said.

“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,” it added.

According to Mr. Pascual, “Under the Coconut Farmers and Industry Development Plan (CFIDP), the DTI 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.”

The DTI said the growth of veganism is increasing demand for plant-based products such as coconut oil and coconut milk as alternatives to animal fat and dairy products.

“(The) DTI has been showcasing Philippine coconut exports in the recently concluded International Food Exhibition in Pasay, Selangor International Expo in Kuala Lumpur, and the Salon International de L’ Alimentation 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 $2.1 billion,” the DTI said.

“In terms of export markets, the US accounted for $1.1 billion or 16.3% of the Philippines’ total exports, followed by Japan at $931.4 million (14.5%), China $839.2 million (13.1%), Hong Kong $729.3 million (11.4%), and Singapore $433.9 million (6.8%),” the DTI said. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



BW FILE PHOTO THE PESO continued to strengthen against the dollar on Thursday following remarks from the US Federal Reserve chief that cemented market...


BW FILE PHOTO SHARES closed lower on Thursday on profit taking amid hints of slower rate hikes from the US Federal Reserve and inflation...


DA.GOV.PH THE government wants to keep its low-cost Kadiwa food outlets in operation until February or March, when it expects food inflation to ease,...


NGCP.PH THE National Grid Corp. of the Philippines (NGCP) issued a yellow alert over the Luzon grid on Thursday after five power plants experienced...


PHILIPPINE STAR/ MIGUEL DE GUZMAN SETBACKS to the education system will require remedies which are expected to cost P25 billion a year, just to...


By Luisa Maria Jacinta C. Jocson, Reporter THE Philippines placed 19th out of 120 countries in the Open Budget survey, which gauges the transparency...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.