Market Update 8th July 2024

The latest update of international prices for coconut products has shown varied trends.

Coconut Oil: Prices in Europe slightly increased, with sellers quoting $1,393.40 per MT CIF, up from $1,388.05 the previous week. Prices were $1,395.79 in May 2024 and $992.94 in June 2023.

Desiccated Coconut: Prices remained stable across major markets (USA, Europe, Others) at 90.00 ¢/lb FOB, unchanged from the previous week.

The Philippines saw a significant increase in the export of coconut products in May, with total shipments reaching 969,121 MT in copra terms, up 11.6% compared to last year. Higher exports of coconut oil, copra meal, and desiccated coconut drove this growth.

In February, 17 non-traditional coconut products generated over USD 100,000 in export revenue. Notable performers included toilet/bath soap, hydrogenated coconut oil, and glycerine, with Indonesia and the USA being major destinations.

However, US imports of lauric oils dropped by 21.3% in April compared to the previous year. This decline was accompanied by a significant % reduction in coconut oil imports by 40.4% and an increase in palm kernel oil imports by 12.2%.

This week, Drewry’s World Container Index increased by 10% to $5,868 per 40ft container. This is 43% below the previous pandemic peak of $10,377 in September 2021, but it is 313% more than the average 2019 (pre-pandemic) rate of $1,420.

This increase seems to continue due to the ongoing Red Sea Crisis, which has no end in sight and no potential solution.

As ever, we suggest that you get your Q4 orders in asap to guarantee a spot.