The world’s supply of coconut oil is tending to increase after the production of copra meal for a long time. The pure coconut oil suppliers in the Philippines have begun to increase the export volume of coconut oil to countries.
General situation of pure coconut oil suppliers in Philippines and Indonesia
Meanwhile, coconut oil suppliers in Indonesia are struggling to accumulate production of coconut for the production of coconut oil in the country. In 2017, total coconut oil exports from these two countries increased by more than 29% over the same period in 2016. Such a surge is a positive sign for the global coconut oil market as oil exports Coconut has been falling for the past three years.
In 2016, coconut oil exports worldwide fell by about 17%, steadily declining since 2015. Coconut oil exports in 2014 fell by about 4.9%.
Between January and July 2017, Philippine exports of coconut oil reached 413,529 tonnes, an increase of 86% over the same period last year. Coconut oil export trends have reversed from the Philippines in the past three years by about 13 percent per annum and the export of coconut oil in 2016 has been the lowest since 1999.
Africa and America are still two major import markets for coconut oil from the Philippines, the next big importer to Japan. He has imported more than 60% of the total coconut oil exports from the Philippines and about 30.2% of total coconut oil was exported to the US, 4.3% to Japan and 2.7% to China. The export trend of coconut oil is reversed thanks to the production of coconut is gradually recovered and tends to increase. Favorable weather conditions for the end of 2016 have contributed to increased coconut production throughout the country.
From January to June 2017, Indonesia exported 264,699 tons of coconut oil to the global market, down 20% from the same period last year. Consequently, the suppliers of pure coconut oil in Indonesia still face many problems in finding raw materials. Although oil production is gradually improving due to good weather conditions, the competitiveness with other products in terms of raw materials is maintained due to the demand for other products increased. This is also a pressure on the production of coconut in the country. If the coconut oil export situation does not improve in the coming months, Indonesia will face a plunge in three consecutive years to 2015.
Indonesia’s coconut oil exports in 2015 will fall by about 1.6% and by 20.7% by 2016. Indonesia’s coconut oil is mainly exported to the United States, China, the Netherlands, Malaysia and South Korea – these are considered traditional coconut oil import markets of Indonesia. The United States is the largest importer, accounting for 27% of Indonesia’s total coconut oil exports. Meanwhile, China is 19%, Netherlands 17%, Malaysia 14% and South Korea 9%.
As production of coconut oil is gradually improving, demand for coconut oil globally is also expected to increase in 2018. The world’s coconut oil imports are down from 1.97 million tons (2015). ) to 1.61 million tons (2016). Meanwhile, demand for palm oil also fell by about 5%, down from 3.29 million tons to 3.05 million tons. As a result, total imports of Lauric oils dropped by 11.4% to 4.66 million tonnes compared to 5.26 million tonnes in 2017.
Opportunity open to the suppliers of pure coconut oil in Vietnam
The market for coconut oil tends to develop satisfactorily in 2016 but by early 2017 growth slows. In January 2017, the price of coconut oil was $ 1,815 / tonne and dropped to $ 1,580 / tonne in April 2017 and remained at $ 1,600 / tonne by August 2017.
At the same time, the price of pure coconut oil dropped from $ 1,760 per tonne in January to $ 1,029 per tonne in April 2017. Pressure on coconut oil prices is showing a gradual recovery in coconut production, which also helps to reduce the supply shortage of coconut oil, especially pure coconut oil, and also to raise prices for coconut oil. Higher than other oil prices.
Supplier of pure coconut oil in the market in Vietnam
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