The country’s exports of coconut products last year expanded by 58.7 percent to a 4-year high of nearly $2 billion from $1.23 billion in 2020, the latest Philippine Statistics Authority (PSA) data showed.
PSA data indicated that coconut oil led all coconut products in terms of total export value last year at $1.443 billion, which was 60.5 percent higher than the $898.995 million recorded in 2020.
Historical PSA data showed that the value of coconut oil in 2021 was the highest since 2017, when it reached $1.614 billion.
This is also the first time since 2019 that export receipts from coconut oil amounted to at least $1 billion. The country’s value of coconut exports in 2019 reached $932.044 million.
Aside from coconut oil, the value of other coconut-based products, such as desiccated coconut and copra meal, posted double-digit growth rates.
The value of desiccated coconut exports last year rose by 52.2 percent to $396.96 million from $260.74 million in 2020 while shipments of copra meal/cake grew by 50.6 percent year-on-year to $66.56 million.
PSA data also showed that shipments of other coconut products went up by 72.5 percent to $45.12 million last year from $26.16 million in 2020.
Agriculture Secretary William D. Dar said Wednesday that the country needs more investments in facilities that produce other coconut-based products, such as coconut water processing systems. He is also pushing for the establishment of village-level coconut buying centers and copra processing facilities.
“We have vast resources of untapped natural resources, and year after year our commitment of public funds for environmental programs continues to grow. We have a skilled labor force, abundant sources of raw materials for manufacturing and processing, and a government that supports investors with favorable national policies and incentives,” he said in a statement.
PSA data also showed that the country’s exports of canned pineapples last year jumped by 27.4 percent to a 5-year high of $305.65 million, from $239.89 million in 2020.
The country’s exports of pineapple concentrates last year rose by 43.5 percent to $172.72 million from $120.33 million while the value of shipments of fresh and dried pineapples declined by 10 percent to $282.899 million from $313.989 million in 2020.
The PSA reported last year that pineapple was the most lucrative agricultural commodity last year as it recorded a 526-percent return on investment (ROI), the highest among the 27 local farm and fish products.
In its annual report, the PSA said pineapple production in 2020 had a 526.98-percent ROI, with farmers earning a gross revenue of P782,978 from their investment of P124,881 per hectare.
The PSA report showed that the net income for every hectare of pineapple production was at P658,097, translating to a net profit-cost-ratio of P5.27, which refers to the amount of net income per every peso investment.