Copra market in the Philippines

Earlier Report Observations

From 2018 to 2019, the Philippine copra market volume fell from 2 132 thousand tons to 1 865 thousand tons, driven by plummeting farmgate prices. A global glut in vegetable oils, especially palm oil and soybean oil, pushed copra prices as low as PHP13.39 per kilogram, making production less viable for farmers. Smuggling of copra and palm oil in the southern regions further pressured local prices. In response, President Duterte's administration approved support measures to help farmers diversify into higher-value coconut products.

The decline continued in 2020, with market size dropping to 1 510 thousand tons, before a modest recovery to 1 571 thousand tons in 2021. While no specific events are recorded for these years, the government's ongoing promotion of group marketing and direct sales likely provided some stability to farmer incomes.

A sharp rebound followed in 2022, with market volume reaching 2 068 thousand tons, supported by a rise in domestic production. By 2023, the market adjusted to 1 954 thousand tons. Entering 2024, copra prices were about 6% higher than a year earlier, and the Philippine Coconut Authority enhanced export monitoring while advocating for the local biodiesel blend to sustain demand for coconut oil. The Department of Labor and Employment also funded cooperatives for direct marketing projects aimed at improving farmer returns.

Production copra in the Philippines

In kind, 2017-2020, K t

From 2017 to 2020, the Philippines maintained its position as the world's leading producer of copra by volume.

Top producers of copra, 2017-2020

World map of production of copra, 2017-2020

Copra production in the Philippines declined for the second year in a row. In 2020, the country produced 1,460 K t of copra, marking a significant year-over-year decrease of 19.8%. Between 2017 and 2020, production fell by 23.7%, which translates to an annualized decline of 8.6%. Production peaked in 2018 at 2,033 K t, with the largest increase of 6.3% recorded that same year.

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

Exports copra from the Philippines

Exports in kind, K t

In 2020, the Philippines exported 0.0 K t of copra, representing a sharp drop of 20.8% from the previous year. Over the period from 2017 to 2020, exports decreased by 100%, with a compound annual growth rate (CAGR) of -92.3%.

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

From 2017 to 2020, the export structure for copra was highly concentrated, with South Korea accounting for 100.0% of total shipments.

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

In 2020, the value of copra exports from the Philippines totaled 0.0 M $ US, indicating a substantial decline of 14.9% compared to the year before. Between 2017 and 2020, exports decreased by 100%, equating to an annualized rate of -92.7%.

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

Throughout 2017 to 2020, South Korea dominated the value of copra exports from the Philippines, consistently making up 100.0% of total flows.

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 copra to the Philippines

Imports in kind, K t

After two years of decline, copra imports to the Philippines increased. In 2020, import volume reached 49.8 K t, showing a moderate rise of 9.6% from 2019. Between 2017 and 2020, imports decreased by 53.7%, which corresponds to an annualized decline of 22.6%. The lowest import volume was recorded in 2019 at 45.5 K t, with the largest drop of 54.1% occurring that year.

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

From 2017 to 2020, Papua New Guinea and Vanuatu together accounted for 82.1% of total copra imports by volume, while the remaining flows were distributed thinly across other markets.

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

Following a two-year decline, the Philippines' copra import volume increased. In 2020, imports amounted to 29.9 M $ US, reflecting a sharp rise of 52.8% compared to 2019. Over the period from 2017 to 2020, imports decreased by 70.3%, with a compound annual growth rate (CAGR) of -33.3%. The lowest value was in 2019 at 19.6 M $ US, when the largest decline of 69.2% was recorded.

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

Between 2017 and 2020, three key markets—Papua New Guinea, Vanuatu, and Solomon Islands—collectively absorbed 94.7% of the total value of copra imports to the Philippines.

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

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