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May 11, 2016 @ 8:00

Philippine farm exports fall 20.7% in Q1 2016 to $851.7 million

Philippine exports of farm products fell by 20.7 percent to $851.7 million in the first quarter of the year as the El Nino weather phenomenon dried up production.

The Philippine Statistics Authority reported declines in shipments in terms of value across product groups except for sugar and pineapple.

Coconut product exports plummeted by 46.5 percent to $237.3 million in the three-month period from $443.1 million in the same period last year, with coconut oil shipments declining by 43.6 percent to $189 million from $334.8 million.

Prawn exports fell by 33.5 percent to $85.6 million, tobacco exports shrinking by 25.2 percent to $16.6 million, and dried seaweed exports plunging by 76 percent to $1.9 million.

Sugar exports, however, soared by 328.7 percent to $84.8 million from $19.8 million. Despite lower production, sugar shipments went up in value terms because of higher sugar prices.

Pineapple exports also grew, with canned pineapple exports expanding by 42 percent and pineapple juice exports skyrocketing by 269.4 percent to $36.1 million.

The pineapple exports offset the 16.2-percent decline in banana exports to $137.2 million and the 39.1-percent fall in mango exports to $2.1 million, allowing the fruits and vegetables group to report a 5.3-percent growth in shipments to $360.8 million during the period. (By: Eileen A. Mencias)



 

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