Coconuts, Brazil nuts and cashews market in the Philippines

Earlier Report Observations

The coconut market in the Philippines faced persistent challenges from low productivity due to senile trees and pest infestations, such as the coconut scale insect (cocolisap), which constrained production growth in the early years of the period. Climatic factors like temperature also negatively impacted supply, contributing to a slight contraction in physical market volume around 2020.

Growing global demand for high-value coconut-based products like virgin coconut oil, coconut sugar, and coconut water spurred industry diversification. In 2021, the implementation of the Coconut Farmers and Industry Trust Fund Act (Republic Act 11524) established a governance framework to channel investments into hybrid replanting programs and processing upgrades, supporting a recovery in market volume to over 14 700 thousand tons.

The market expanded into non-traditional exports such as desiccated coconut and coconut water concentrate, driven by stringent quality certifications and organic preferences in key international markets. However, a global oversupply of vegetable oils in 2022 temporarily dampened coconut oil prices, contributing to significant swings in the market's dollar value despite relatively stable physical consumption.

Production coconuts, Brazil nuts and cashews in the Philippines

In kind, 2017-2020, K t

Globally, the Philippines ranked as the third-largest producer of coconuts, Brazil nuts, and cashews from 2017 to 2020.

Top producers of coconuts, Brazil nuts and cashews, 2017-2020

World map of production of coconuts, Brazil nuts and cashews, 2017-2020

Following two years of growth, production of coconuts, Brazil nuts, and cashews in the Philippines declined. In 2020, the country produced 14 747 K t of these nuts, marking a slight decrease of 1.7% compared to the previous year. Over the period from 2017 to 2020, production increased by 3.3%, which translates to an annualized growth rate of 1.1%. The highest production level was recorded in 2019 at 15 007 K t, while the largest annual increase occurred in 2018 at 4.8%.

Annual dynamics of production in the Philippines in kind, 2017-2020, K t

Exports coconuts, Brazil nuts and cashews from the Philippines

Exports in kind, K t

The export market for these nuts showed significant volatility during this period. Exports reached their lowest point in 2018 at 123.0 K t and peaked in 2017, with a 7.8-fold difference between these years. In 2020, exports from the Philippines totaled 147.0 K t, reflecting a modest decline of 7.5% compared to 2019. The largest decrease was recorded in 2018 at 87.1%, while the largest increase occurred in 2019 at 29.2%.

Annual dynamics of product's exports from the Philippines in kind, 2017-2020, K t

From 2017 to 2020, three key markets—Canada, the United States, and the Netherlands—collectively accounted for 77.6% of the Philippines' total exports of coconuts, Brazil nuts, and cashews in volume terms.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from the Philippines in kind, 2017-2020

Exports in value, M $ US

After two consecutive years of decline, exports of coconuts, Brazil nuts, and cashews from the Philippines increased. In 2020, the country exported 263.0 M $ US worth of these nuts, up by 1.3% from the previous year. Over the 2017-2020 period, exports decreased by 23.8%, with a compound annual growth rate (CAGR) of -8.7%. The lowest value was recorded in 2019 at 259.5 M $ US, and the largest decline occurred in 2018 at 17.4%.

Annual dynamics of product's exports from the Philippines in value, 2017-2020, M $ US

From 2017 to 2020, the distribution of export value was relatively dispersed. The United States (28.6% of export value), the Netherlands (13.9%), and Australia (6.3%) together accounted for 48.8% of total flows, with no single partner emerging as clearly dominant.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from the Philippines in value, 2017-2020

Imports coconuts, Brazil nuts and cashews to the Philippines

Imports in kind, K t

Following two years of growth, imports of coconuts, Brazil nuts, and cashews into the Philippines declined. In 2020, imports totaled 0.9 K t, representing a drop of 36.0% compared to 2019. Between 2017 and 2020, imports decreased by 16.8%, equating to an annualized decline of 6.0%. The highest import volume was recorded in 2019 at 1.5 K t, while the largest increase occurred in 2018 at 14.7%.

Annual dynamics of product's imports to the Philippines in kind, 2017-2020, K t

During 2017-2020, Vietnam was the dominant source, accounting for 87.4% of the Philippines' total imports of these nuts in volume terms, with the remainder distributed among a variety of smaller countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to the Philippines in kind, 2017-2020

Imports in value, M $ US

Imports of coconuts, Brazil nuts, and cashews into the Philippines declined for the second year in a row. In 2020, import value amounted to 6.9 M $ US, indicating a significant decrease of 24.1% from the previous year. Over the 2017-2020 period, imports decreased by 10.3%, with a CAGR of -3.6%. The peak value was recorded in 2018 at 10.9 M $ US, and the largest increase occurred in the same year at 41.1%.

Annual dynamics of product's imports to the Philippines in value, 2017-2020, M $ US

Throughout 2017-2020, Vietnam dominated the import structure in value terms, holding a 96.5% share of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to the Philippines in value, 2017-2020