Exports of farm-based products continue to fall in May
Exports of agro-based products fell by 29.4 percent in May to $4.7 billion from $4.9 billion a year ago, the Philippine Statistics Authority reported today.
The decline can be attributed to the decline in Philippine farm output as the country reeled from the effects of the El Nino phenomenon as well as a seeming weak global demand as the country’s total exports dropped by 3.8 percent.
Sugar and sugar product exports reported the steepest decline, falling by 53.8 percent to $365,000 from $791,000 a year ago as exports of bananas and mangoes fell by 55 percent and 27 percent, respectively.
Pineapple exports came in mixed, with pineapple juice exports growing by 1,629 percent to $7.1 million while exports of canned pineapple and pineapple concentrates declined by 7.8 percent and 64.8 percent, respectively.
Exports of coconut products declined by 18.5 percent to $63.6 million from $74.9 million as the country failed to export copra in May and coconut oil exports dropped by 15 percent to $63.6 million.
Exports of fish and prawns dropped by 3 percent to $29.7 million and tobacco exports plummet by 38 percent to $3.3 million from $5.4 million a year ago.