Animal, vegetable oils account for largest share of PH’s agri exports
Among commodity groups, the value of export of animal or vegetable oils and their cleavage products contributed the largest share to the country’s total agricultural exports in the last three months of 2017.
Philippine Statistics Authority (PSA) said the the top ten agricultural exports shared almost 95.0 percent to total agricultural export revenue at $1.3 billion in the fourth quarter in 2017, lower by 15.3 percent over the $1536.25 million registered in the same period of 2016.
“Among commodity groups, value of export of animal or vegetable oils and their cleavage products; prepared edible fats; animal or vegetable waxes contributed the largest share of 26.2 percent valued at $340.07 million,” PSA said.
However, export earnings of this commodity went down by 18.7 percent from a value of $418.11 million during the same period of 2016.
Netherlands was the largest buyer of this commodity accounting for 46.1 percent valued at $156.70 million.
Edible fruits and nuts; peel of citrus fruits or melons, which shared 25.4 percent was the country’s second top export commodity in the fourth quarter of 2017.
During the period, it dropped by 15.6 percent from $391.47 million to $330.33 million.
Japan, accounting for 24.3 percent share, was the major destination of this commodity group valued at $80.13 million.
Fish and crustaceans, molluscs and other aquatic invertebrates ranked third, recording a share 9.7 percent of the total agricultural exports value.
It also declined by 19.4 percent from $156.42 million in the fourth quarter of 2016 to $126.04 million during the same period in 2017.
Japan likewise accounted for the largest share of 17.8 percent valued at $22.46 million.
Preparation of meat, of fish, or of crustaceans, molluscs and other aquatic invertebrates placed fourth, contributing 8.2 percent of total agricultural exports.
Export value of this commodity grew by 26.8 percent during the fourth quarter of 2017 to $107.00 million from $84.37 million during the same quarter of 2016. Outward shipment to the USA was recorded at $37.92 million or a share of 35.4 percent.