Agricultural exports increase 33.2% in April

AGRICULTURAL EXPORTS rose 33.2% year on year in April to $1.03 billion and were up 38.5% from a month earlier, the Philippine Statistics Authority reported.

The rise in exports was accompanied by a 3.7% year-on-year decline in imports to $1.63 billion. Month on month, imports fell 18.4%.

Two-way trade in agriculture rose 7.8% year on year to $2.66 billion but fell 2.9% from a month earlier.

Malaysia was the top export market for Philippine farm exports within the Association of Southeast Asian Nations (ASEAN), taking in $70.01 million, while the Netherlands was the top destination in the European Union (EU) with shipments of $182.21 million.

Vietnam was the leading ASEAN supplier of agricultural goods to the Philippines during the month with $226.14 million, while Spain was the EU’s leading source of imports with shipments of $26.80 million.

The top Philippine commodity export was animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes, amounting to $443.57 million in April, up 58.8% year on year, with Malaysia and the Netherlands the leading destinations.

Cereals were the top agricultural import commodity at $321.65 million, down 15.3% from a year earlier. — Marron Joshua F. Mendoza