QUEZON CITY ---- Coconut oil and crude coconut oil remain among top three products imported by the US from the Philippines for three consecutive years. The information was based on the Trade Statistics for International Business Development of the International Trade Centre (ITC).
According to the report presented by Mr. Eric C. Elnar, Trade Commissioner of the Philippine Trade and Investment Center (PTIC) in Los Angeles, California USA, the Philippines supplies 60% of US imports of coconut oil and 73% of crude coconut oil.
The commissioner noted that the increase in demand for coconut products is largely based on the positive changes related to new US trade policies, market trends, as well as dietary guidelines relative to the coconut industry.
Mr. Elnar also attributed the growth of coconut consumption to the removal of coconut among food products that cause allergies among US consumers. In relation to this, the market demand for organic products and the increased awareness of the benefits of a healthy lifestyle had positively directed consumer behavior towards the coconut industry.
The commissioner further explained other factors that contributed to the growth of US coconut consumption. It was claimed that the US population has become increasingly heterogeneous; and millennials now represent 30% of the population, with about 44% consisting of racial and ethnic minorities – including Filipinos, while Americans with college education have increased by 12%. These factors resulted to a more educated consumer base with different spending patterns.
In order to meet the changing market demand, the office took advantage of the online shopping market trend that had become mainstream during the pandemic, while still maintaining distribution among traditional physical stores selling coconut products. Another avenue tapped by the commissioner was the growth of the reseller market led by Filipino-Americans running Micro, Small and Medium Enterprise (MSME) Caravans.
Mr. Elnar also recognized the efforts of DTI-Export Marketing Bureau (DTI-EMB) and their partnership with eCFULFILL to onboard more MSME’s in the global eCommerce platform. It was reported that the move had already assisted 76 exporters to get on the platform and aims to get a total of 100 exporters for the partnership.
The US was one of the countries who actively participated in the recent B2B Meeting organized by the Philippine Coconut Authority (PCA), in partnership with 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.