The value of coconut-oil shipments in January expanded by 18.3 percent to $143 million, from the previous year’s record of $120.90 million, the latest data from the Philippine Statistics Authority (PSA) showed.
Coconut oil remained as the top farm export of the Philippines and accounted for 2.4 percent of receipts in January, according to PSA data.
Figures from the PSA also indicated that the value of fresh bananas shipped during the period went up by 61.2 percent to $70.52 million, from $43.75 million. Earnings from shipments of fresh bananas accounted for 1.4 percent of export receipts in January.
Shipments of tuna products, including fresh, frozen, prepared or preserved in airtight containers, were valued at $35.94 million. The figure was 30.1 percent higher than the $27.64 million recorded a year ago.
Among the agricultural products exported during the period, unmanufactured tobacco posted the biggest increase at 191.2 percent. Receipts from unmanufactured tobacco in January reached $10.12 million.
Data from the PSA also showed that the value of mango exports at $2.04 million was more than double the $850,000 recorded in January 2017.
Other farm products, however, performed poorly during the period. In terms of value, shipments of pineapple and pineapple products, shrimps and prawns (fresh, chilled or frozen), natural rubber, and other agro-based products
recorded double-digit declines.
On an annual basis, the value of pineapple exports declined by 43.8 percent to $33.28 million, from $59.26 million while receipts from shrimps and prawns fell by 34.3 percent to $1.42 million, from $2.17 million.
The National Economic and Development Authority (Neda) said earlier that the revival of the agribusiness sector would help boost merchandise exports this year.
The Neda noted that exports decelerated by 0.5 percent due to sluggish nonelectronic and agro-based commodity sales—its slowest growth since December 2016. The government is targeting to increase exports by 8 percent this year.
“To achieve this, the Philippines needs to build up integrated industries that would generate higher value addition, especially for key products such as bananas, cacao, coffee, mangoes, and rubber, as well as for other emerging high-value crops,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement.
Pernia added it is “crucial” to support large and small producers and develop niche markets, such as organic farming to fully harness the potential of the agricultural sector.
In maintaining greater market access, he said that diplomatic posts play a big role by regularly providing relevant information on emerging products that the Philippines can supply to potential markets.
“Moreover, greater market access can be achieved through bilateral and multilateral deals, such as continued exploratory talks of the Department of Trade and Industry with the United States for a foreign trade agreement or an extension of the US Generalized System of Preference [GSP] initiative,” Pernia said.