The Philippine Statistics Authority (PSA) reported Thursday that total revenue from Philippine exports settled at $5.3 billion – $0.1 billion lower than the total receipts recorded in the same period last year.
The value of total agro-based products fell for the sixth consecutive month in July 2015, declining by 24.5% to $322.2 million from $426.7 million in July 2014. This is traced to lower exports recorded from all commodity segments, particularly fruits and vegetables such as banana, coconut products, sugar products, and other agro-based products.
Although agro-based exports account for only 5% of the Philippines’ total exports, its implication on the domestic economy is significant as the agricultural sector hosts a sizeable portion of the country’s work force.
