Coconut Oil Market - The Philippines Is the Global Leader in Coconut Oil Exports despite 45% Drop in 2014 Vegetable And Animal Oils And Fats October 04, 2015
Author: Olga Minchina
Account Manager

coconut oil market

The Philippines dominates in the global coconut oil trade. In 2014, the Philippines exported 551 thousand tonnes of coconut oil totaling 133 USD, 45% under the previous year. Its primary trading partner on the global coconut oil market was the Republic of Korea, where it supplied 45% of its total coconut oil exports in value terms, accounting for 62% of the Republic of Korea's total imports.

The Republic of Korea was the leader in the global coconut oil imports. In 2014, the Republic of Korea imported coconut oil for the amount of 97 million USD. From 2007 to 2014, the average annual import growth of the Republic of Korea was 6%.

Indonesia and Sri Lanka were among the other main global suppliers of coconut oil in 2014. However, the fastest growing exporters from 2007 to 2014 were the Philippines (+17% per year) and Japan (+35% per year). The Philippines significantly strengthened its position in the global export structure.

In 2014, the Philippines's top 5 trading partners were the Republic of Korea, China, Viet Nam, Italy and India, with a combined 87% share of the Philippines's coconut oil exports. The share of the Republic of Korea illustrated negative dynamics (-25 percentage points), the share of Viet Nam dropped by 4%. Supplies to other countries were not stable.

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Source: World: Coconut (Copra) Oil - Market Report. Analysis And Forecast To 2020