Urgent Market Update 23rd November 2023

The coconut market shot up this week by around $200 for desiccated a number of factors have caused this.

Indonesia has been experiencing dry weather conditions in recent weeks, which have reduced the yield and quality of coconuts. This has been especially bad in the past few months, especially as Indonesia has become the world’s largest producer and exporter of coconuts, accounting for about 30% of the global production.

The El Niño weather system, which began in March and weakened in July in the Philippines, is predicted to peak between November 2023 and January 2024. This meteorological event may result in below-normal rainfall conditions throughout most parts of the country until the first half of 2024. Additionally, there may be more tropical cyclones that usually hit the country every year.

Strong demand and buying in advance from the Middle East have also contributed to the coconut market surge, with the region being one of the largest importers of coconut products.

There has not been a change in the prices from the Philippines yet!

We expect this to happen very soon.