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Exports

Philippines Seeks Exemption for Coconut Exports from US Tariff

Strategic Insights

— 1 min read

The Philippines is seeking to exempt its coconut exports from the 19% reciprocal tariff imposed by the US, citing the significant impact of the tariff on the country's agricultural exports. The Philippines' top agricultural export to the US last year was coconut oil, generating $558.7 million in revenue. The country's trade secretary, Cristina Roque, has announced plans to assist coconut exporters affected by the tariff by helping them find new markets or buyers.

Key Takeaways:

  • The Philippines is seeking an exemption for coconut exports from the 19% reciprocal tariff imposed by the US.
  • Coconut oil was the Philippines' top agricultural export to the US last year, generating $558.7 million in revenue.
  • The Department of Trade and Industry (DTI) is providing assistance to coconut exporters affected by the US tariff by helping them find new markets or buyers.
  • Other potential markets for Philippine coconut exporters include Europe, Japan, and China, with demand for young coconuts, coconut water, virgin coconut oil products, and dedicated coconut.
  • The Philippine government considers the coconut industry a priority sector, with coconut products like virgin coconut oil and coconut water finding their place in global markets.
  • The country aims to make coconut more desirable and accessible to both Filipinos and foreigners globally or locally.

Statistics:

  • $558.7 million: Revenue generated from coconut oil exports to the US in 2020.
  • 19%: Reciprocal tariff imposed by the US on Philippine coconut exports.
  • Aug. 7: Date when the US reciprocal tariff took effect.
  • 2020: Year when coconut oil was the Philippines' top agricultural export to the US.

Sources:

  • Manila -- The Philippines is seeking an exemption for coconut exports from the reciprocal tariff imposed by the United States, according to the Department of Trade and Industry (DTI).

Created by The Manila Times

  • Manila Times, Current Issue
  • Resource persons: Trade Secretary Cristina Roque, Philippine Coconut Authority administrator Dexter Buted

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