Market Update March 7th 2023
March 7, 2023
As Q1 2023 draws towards an end, what have we learnt about the market so…
Typhoon Goni (Rolly) made landfall on Sunday on the island of Luzon, home to the capital Manila; it was this year’s most powerful typhoon to hit the Philippines this year and the most powerful since 2013.
It comes just a week after Typhoon Molave hit the same region.
Mark Timbal of the Philippines’ national disaster agency said that 19 million people might have been affected by the path of Goni. “This 19 million already includes the populations in danger zones for landslides, flooding, storm surges and even a lava flow,” he told the BBC.
We are at the hight of the most destructive part of the Typhoon season in the Philippines, and with the effects of a La Nina weather pattern, it is forecast that there will also be increased rains in the coming months, this not only affects factories, farmers, and production but also causes delays to shipping routes across South East Asia.
With many ports in South East Asia and the Philippines already congested with freight, due to reduced capacity because of staffing shortages and freight prioritisation caused by COVID. We are encountering more and more ships rerouting and stuck in anchorages longer.
What does this mean for the coconut industry?
Farmers have been badly affected, and factories in the areas have been closed, and many roads closed. Right now, we do not know the full extent of any damage and the ongoing effects, but inevitability this will cause further delays to production and shipping.
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