July 16, 2013
According to the BAS quarterly report, agricultural exports in the first quarter climbed to $1.641 billion from $1.155 billion in the same period last year.
The agricultural sector brought in 13.58% of the country’s total export earnings, which amounted to $12.081 billion.
Meanwhile, total expenditures for agricultural imports, which comprised 11.50% of the country’s total import expenditures of $15.163 billion, dropped by 6.62% to $1.743 billion in the first quarter this year.
The highest level of monthly agricultural exportation was pegged in March at $612.25 million while highest monthly importation was recorded in February at $596.94 million.
Total earnings from the country’s top 10 agricultural exports registered 45.82% growth to $1.161 billion in the first quarter from $796.40 million in the same period of 2012.
Except for desiccated coconut, whose first-quarter revenues decreased by 33.32%, top export commodities posted revenue increments.
Of the top five performing exports, copra oil cake brought in $62.50 million, a 404.04% surge from last year’s $12.50 million.
Centrifugal sugar exports grew 143.16% to $98.12 million from $40.35 million; fresh bananas, 82.93% to $206.87 million from $113.09 million; tobacco (manufactured), 63.61% to $87.74 million from $53.63 million; tobacco (unmanufactured), 42.23% to $30.25 million from $42.23 million; and seaweeds and carrageenan, 41.31% to $69.34 million from $49.07 million.
Expenditures for the top ten agricultural imports this year fell to $847.20 million, 0.37% lower than year’s $850.37 million.
Tuna, which is not usually among the country’s top agricultural imports, ranked ninth in the list with expenditures of $20.39 million, though this is lower by 4.26% from the $25.25 million recorded in the first quarter of 2012.
On the other hand, regular top imports rice and corn did not make it to the list in the first quarter.
Wheat and meslin remained the country’s top agricultural import, with first-quarter expenditures of $238.93 million, up 14% from the $209.58 million of 2012.
Soy bean oil or cake meal was the next top import in the first quarter, seeing a 51.11% increase in expenditures to $201.9 million from $133.61 million.
Expenditures for the rest of the top imports decreased year-on-year, with urea seeing the biggest drop at %59.54, from $51.34 million in 2012 to $20.77 million this year.
As for the balance of trade, the agricultural trade deficit softened by 85.53% from $707.22 million the first quarter last year to $102.34 million in 2013.
The month of January saw the biggest deficit at $81.25 million while a trade surplus of $39.21 million was recorded in March.
A wider trade deficit with the United States was recorded at $135.62 million this year from $44.79 million in 2012.
However, the country’s first-quarter trade deficits with Australia declined by 51.71%; with the Association of Southeast Asian Nations, 59.09%; and with the rest of the world, 61.40%, compared with the same period last year.
Agricultural trade with Japan and the European Union posted further trade surpluses of $211.52 million and $183.45 million, respectively.
Source:-www.bworldonline.com
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