Market Report 14th October 2024

In the week ending October 5, 2024, international prices for coconut oil in Europe dropped sharply by $50.95, settling at $1,711 per metric ton (CIF). This decline contrasts with the previous week’s price of $1,761.95. Despite this drop, the palm kernel oil market showed an upward trend, increasing by $37.50 to $1,541 per metric ton.

Despite fluctuations in pricing, desiccated coconut prices for export have consistently stayed in the range of 80-125¢ per pound FOB for nine weeks, indicating stable demand for this vital coconut product.

European Trade Talks

The Philippines is working hard to expand its European market. Recent trade missions to the Netherlands and Belgium aimed to boost coconut product exports.

Additionally, the Philippines is resuming Free Trade Agreement (FTA) talks with the European Union, aiming to conclude negotiations by 2027 to secure preferential market access for coconut oil and other products. This is essential as the country nears the threshold of breaching its upper-middle-income status, which could disqualify it from the EU’s Generalized Scheme of Preferences Plus (GSP+).