Market Moving Up with Strong Buying Across the Board

Philippines

The holiday season in the Philippines is underway, which means that raw nuts are not being harvested. This is contributing to the tight supply and rising prices. The Philippine Coconut Authority (PCA) reports that the country’s coconut production is expected to decline by 5% in 2023 due to several factors, including the dry weather in Mindanao and the impact of Typhoon Odette.

Indonesia

Dry weather in Indonesia is threatening the upcoming crop. The Indonesian Coconut Farmers Association (APKP) is warning that the dry weather could lead to a 10% decline in production this year.

Outlook

The coconut market is expected to remain strong in the coming months. The tight supply and rising prices are likely to continue as the holiday season in the Philippines continues, and the dry weather in Indonesia persists. Buyers are worried about the upcoming crop shortages, which also drive-up demand and prices.

Also, shippers in the Philippines are now full till their July shipments, which, with, on average, a 50-day voyage to Europe, means September arrival.

We advise you to secure your supplies early.