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The value of coco oil exports in the Philippines has increased the most.

The coconut sector is growing, according to data issued by the Philippine Statistics Authority (PSA) on Friday, which indicated that coconut oil had the biggest yearly gain of 76.9% among the 10 key commodity categories in terms of export value.

Chemicals (53.7%), cathodes and portions of cathodes (56%), and refined copper (56%) were the next best performers.

Similarly, the country’s overall external trade grew.

“The entire external trade in October 2021 was USD16.84 billion. It grew at a pace of 15.2 percent every year. The yearly growth was 17.1 percent in the previous month, while a decline of minus 10% was reported in October 2020, according to PSA data.

Electronic items remained the top commodity group exporter in October, with total revenues of USD3.65 billion, or 57 percent of all exports during the month.

Other manufactured items, valued at USD350.18 million (5.5 percent), and other mineral products, worth USD298.48 million, came in second and third, respectively (4.7 percent).

In October, shipments to China had the highest value, totaling USD1.01 billion, or 15.8% of overall exports.

Other important export trading partners with export values and percentage shares included the United States, which had USD962.31 million (15%), Hong Kong, which had USD865.62 million (13.5%), Japan, which had USD859.67 million (13.4%), and Singapore, which had USD390.59 million (6.1 percent).

Coconut oil and crude coconut oil are two of the top US imports from the Philippines, according to the Philippine Coconut Authority (PCA).

The Philippines accounts for 60% of US coconut oil imports and 73 percent of US crude coconut oil imports, according to Commissioner Eric Elnar of the Philippine Trade and Investment Center in Los Angeles, California.

He said that the increase in demand was attributable to changes in US trade policy, market trends, and dietary requirements.

For one thing, after US guidelines implicating coconut as a source of allergies was withdrawn, there was a rise in consumption.

The coconut oil boom was also fueled by increased demand for organic products and increased knowledge of the benefits of living a healthy lifestyle.

“To address changing market demand, the office took advantage of the online shopping market trend that had grown prevalent during the epidemic, while continuing to distribute coconut products through traditional physical storefronts.” The PCA previously stated that “another channel tapped was the emergence of the reseller sector led by Filipino-Americans operating micro, small, and medium enterprise caravans.”

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