The Philippines continues to dominate the global coconut oil export market with a value of 1.06 million metric tons in 2024, though it experienced a slight decline of 2.13% year-on-year in 2023. Indonesia, the second-largest exporter, saw a modest increase of 1.05%, reaching 0.65 million metric tons. Malaysia, third in the ranking, faced an 8.25% decline, totaling 0.145 million metric tons. Notably, Papua New Guinea showed a significant increase of 13.18%, although its export volume remains relatively small at 0.039 million metric tons. Countries like Sri Lanka, Ivory Coast, and Singapore experienced declines in their export volumes, whereas India, Vietnam, and Canada saw moderate increases. Several countries, including Russia, Thailand, Samoa, Mozambique, and Mexico, maintained stable export values without year-on-year variations.
Future trends to watch for include:
- The Philippines and Indonesia are likely to continue leading the market, though they may face increasing competition from emerging exporters like Papua New Guinea.
- Sustainable and organic coconut oil could drive demand and export volumes, particularly from smaller nations looking to carve out niches.
- Fluctuations in global demand for coconut oil for culinary, cosmetic, and biofuel applications could impact export volumes and market dynamics.
- Trade policies and international relations, particularly in major importing markets like the United States and the European Union, could significantly influence global coconut oil trade.
Top countries in Coconut Oil Export by Country
# | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
---|---|---|---|---|---|---|
1 | 1 Philippines | 1,060 | 2023 | +14.05% | -2.13% | View data |
2 | 2 Indonesia | 650 | 2023 | -11.32% | +1.05% | View data |
3 | 3 Malaysia | 145 | 2023 | -46.3% | -8.25% | View data |
4 | 4 Papua New Guinea | 39 | 2023 | -2.5% | +13.18% | View data |
5 | 5 Sri Lanka | 15 | 2023 | -25% | -1.28% | View data |
6 | 6 India | 10 | 2023 | -16.67% | +7.39% | View data |
7 | 7 Vietnam | 10 | 2023 | 0% | +4.56% | View data |
8 | 8 United States | 10 | 2023 | +66.67% | +2.13% | View data |
9 | 9 Ivory Coast | 7 | 2023 | +75% | -6.89% | View data |
10 | 10 Canada | 6 | 2023 | 0% | +3.71% | View data |