Revenues from the country’s agricultural exports expanded by 32.25 percent to P331.61 billion in 2017, from P250.75 billion recorded in the previous year, according to the Philippine Statistics Authority (PSA).
In its latest report, the PSA said fresh bananas remained as the country’s top agriculture export product in 2017.
“[Shipments] of fresh banana at 2.86 million metric tons [MT] generated earnings of P56.88 billion,” the PSA said. “Volume grew by 64.7 percent and value was up by 64 percent.”
The PSA said earnings from banana exports accounted for 17.15 percent of the total farm export bill last year.
Sugar was the second top agricultural commodity exported by the country in 2017 as it accounted for 3.09 percent of the total earnings, according to the PSA.
The country’s sugar exports last year more than doubled to 440,733 MT, from 181,759.2 MT volume recorded in 2016.
“Its exports value went up to P10.26 billion by 118.14 percent,” the PSA said. The country earned P4.702 billion from sugar exports in 2016.
In the same report, the PSA disclosed that the country’s farm import bill in 2017 slightly declined to P592.83 billion, from P594.49 billion in 2016.
Rice was the top imported agricultural product by the country, as the staple accounted for 3.04 percent of the total import bill, according to the PSA.
“Rice [imports] in 2017 at [890,000] metric tons increased by 45.74 percent. Its import value amounting to P18.03 billion was up by 36.14 percent,” it said.
The country’s corn imports contracted by 41.05 percent to 475,244 MT, from 806,118.6 MT in 2016, according to the PSA.
“Payment for corn imports at P6.51 billion declined by 35.41 percent and this comprised a reduced share of 1.10 percent in 2017,” it added.
Other farm products imported by the Philippines last year were garlic, mongo beans, Virginia tobacco and onion.
The PSA noted that the share of agricultural products to the country’s total export earnings continued to increase at 9.58 percent in 2017. “However, its contribution to the total import expenditures was going down and settled at 12.24 percent,” the PSA said.
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