QUEZON CITY ---- The Philippines maintained its position as the 2nd top coconut oil exporter to South Korea in two consecutive years.
The update was reported by Commercial Counsellor Jose Ma S. Dinsay of Philippine Trade and Investment Center (PTIC) in South Korea during the 35th National Coconut Week Virtual Business to Business (B2B) Meeting.
The counsellor also explained that the Philippines was the biggest dried coconut exporter to South Korea in the previous year, and took second in the first half of 2021 next to Indonesia.
Mr. Dinsay further noted that the market demand for coconuts was driven by the healthy lifestyle of Koreans, paired with the absence of supply in the local market. There has also been a rise in the need for functional food among Korean consumers.
Apart from the aforementioned products, the counsellor elaborated on potential opportunities for other coconut products to be exported to South Korea that the Philippine coconut industry could capitalize on. These may include: activated carbon, coconut water, desiccated coconut, coconut oil, dried coconut, coconut milk, and frozen coconut meat.
The news came in time for the ongoing Philippine-South Korea Free Trade Negotiations spearheaded by Secretary Ramon Lopez of the Philippine Department of Trade and Industry (DTI) and Minister for Trade Yoo Myung-hee of the South Korean Ministry of Trade, Industry and Energy (MOTIE).
Following this move aims to strengthen the bilateral trade between both countries and advance economic relations by improving trade and investment flow through the removal of impediments to smoother trade and the creation of more business and investment opportunities.
South Korea 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.
For more information on other events, please visit nationalcoconutweek.com.