QUEZON CITY ---- The Philippines ranks 2nd largest coconut supplier to China, cornering 27% of total market share in the country. The information was based on the 2020 China Coconut Oil Import Source Countries Statistics reported by the Embassy of the Philippines in Beijing.
According to the report presented by Mr. Glenn G. Peñaranda, the Commercial Counsellor of Philippine Trade and Investment Center in Beijing, and Ms. Ana GM B. Abejuela, the Philippine Agricultural Counsellor of the People’s Republic of China, the Philippines exported about 43,700 tons of coconut products in the past year amounting to $62,845,415 (USD).
The presentation noted that China remains as one of the biggest trade partners and foreign investors of the Philippines in the past year. It was explained that China ranks as the 1st major trading partner, export market, import supplier and major foreign investor of the country.
The presentation further noted the potential growth of exporting products to China as the country rapidly increased their demand for coconut. It was claimed that China needs to import about 2.5 billion coconuts from Southeast Asia every year, largely as raw materials for processing, while Chinese consumers demand around 300 to 350 million coconuts per year, with 90% of these being imported.
China imports the majority of its coconut products from the ASEAN Region. Indonesia, Thailand, Vietnam and Malaysia are the other four major countries that export coconuts to China. The Philippines could also become a dominant player in this area, as the country’s young green coconut export had already gained access to China in 2019 while still maintaining the staple coconut products the country exports such as: coconut water, coconut milk, coconut oil, virgin coconut oil, and coconut sugar.
China was one of the countries who actively participated in the recent B2B Meeting organized by the Philippine Coconut Authority (PCA), in partnership with the Department of Trade and Industry – Export Marketing Bureau (DTI-EMB). The three-day event was held from August 9 to 11, 2021. The event was part of the month-long celebration of the 35th National Coconut Week.
For more information on other events, please visit nationalcoconutweek.com.