The country’s export earnings from agro-based products in January to October grew by 19.3 percent to $2.984 billion, from $2.501 billion recorded in the same period last year, according to the Philippine Statistics Authority (PSA).
The latest trade data from the PSA showed the bulk of revenues from shipments of agricultural products, or nearly 45 percent, came from coconut products.
Shipments of coconut products during the 10-month period reached $1.614 billion, 43.9 percent higher than the $1.121 billion recorded in the same period last year.
Earnings from coconut oil expanded by 48.8 percent to $1.331 billion, from $894.954 million recorded last year. Coconut oil accounted for 82.46 percent of the total coconut products exported during the period.
PSA data also showed the value of fruits and vegetables shipped by the Philippines declined by 4.3 percent to $1.220 billion, from $1.275 billion a year ago.
Export receipt for bananas, which accounted for 48.52 percent of total earnings, reached $592.194 million, 2.9 percent higher than last year’s $575.762 million.
According to PSA data, earnings from other agro-based products, including seafood, reached reached $775.745 million, 12.5 percent higher than the $689.681 million recorded last year.
During the period, the country earned $398.023 million from shipments of fish, fresh or preserved shrimps, which was 6.3 percent higher than last year’s $374.597 million. It accounted for 51.31 percent of revenues from the export of other agro-based products.
Earnings from shipments of sugar products expanded by 43 percent to $149.012 million, from last year’s $104.226 million.
Source: Business Mirror