Dried Fruit

Desiccated coconuts: situation remains tense

May 12, 2021 11:10 AM, Der AUDITOR
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MANILA. The factories in the Philippines are working at full speed, but massive delivery delays still cannot be avoided. The outlook for the rest of the year is also anything but promising.

USA and EU in desperate search for goods

As the experts at T.M. Duché explain in their latest report, the Philippine coconut market is still facing major challenges. The pandemic has caused severe damage to the industry there. Coconut factories are doing their best to increase production, focusing on the most important products first, but deliveries are still at least six to eight weeks late. There is a slight improvement in raw nut sourcing, the biggest problem being the Covid-related staff shortage. Stocks are depleted in the US and EU and buyers are desperate for goods. The requirements have fallen and the main goal is to replenish stocks. Prices on the European spot market are so far holding steady at EUR 2.65/kg FCA Spain for desiccated coconuts, high fat from Indonesia.

Desiccated coconuts

Quality

EUR/kg

Fine, low fat, Indonesia

1.45

Fine, high fat, Indonesia

2.65

FCA Spain

No improvement in sight for the time being

The problems with shipping, caused by the lack of containers and the extremely high transport costs, also continue. Market players disagree on when prices will fall again - at the moment there is not much to suggest that this will be the case in the next few weeks. All in all, the T.M. Duché team does not expect significant improvements in the coconut sector in 2021. Stocks will most likely remain tight into Q4 and prices will also maintain their high level for the time being. It also remains to be seen how the typhoon season will affect the market in 2021.

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