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PHL farm exports hit $3.23 billion in January-June

RECEIPTS from the shipments of the country’s agricultural products to other countries went up by 30.68 percent to $3.23 billion in January to June, according to the latest report released by the Bureau of Agricultural Statistics (Bas).

The Bas, an attached agency of the Department of Agriculture (DA), said the highest level of farm exports was recorded in May at $612.87 million.

“The country’s expenditure for agricultural imports declined by 6.27 percent to $3.65 billion. Lowest level of monthly imports was recorded in April at $557.53 million,” the report read.

The growth in farm exports and the slowdown of imports in the first semester, the Bas said, resulted to a 70.26-percent decrease in trade deficit at $424.43 million from $1.42 billion in 2012.

The Bas said agricultural trade with Japan and the European posted significant increases. Growth in trade surpluses with Japan was 45.29 percent at $430.58 million, while that with the European Union was 148.39 percent at $319.73 million.

“Decreases in agricultural-trade deficit were noted in Australia and Asean. Further growth in trade deficit was noted with the United States at 53.82 percent,” the report read.

The Bas said total earnings from the top 10 exports grew by 30.84 percent to $2.24 billion in January to June.

“While coconut oil recorded the lowest growth at 0.28 percent, it still generated the biggest export income at $538.31 million. Export income from copra oil/cake surged by 269.37 percent at $126.56 million,” the Bas said.

The agency said centrifugal sugar, fresh banana, manufactured tobacco and tuna were among those with bigger growths in revenue ranging from 53.89 percent to 73.58 percent.

“Dessicated coconut was the only commodity with reduced earnings at 20.35 percent,” the report read.

Meanwhile, total expenditures for the top 10 imports fell by 6.97 percent.

Wheat, the country’s biggest import shared 11.79 percent of the total import expenditure at $430.67 million.

Except for soybean oil/cake meal and meat of bovine animals, expenses for all the top imports recorded decreases, the Bas said.

The agency said agricultural exports accounted for 12.62 percent of the $25.58-billion export receipts recorded in the first semester.

 

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