Agro-forestry-fishery exports soar by 21%

The sector also racked up a trade surplus of US$6.53 billion, representing an increase of 64.5%.

The reviewed period saw agricultural products gross US$13.11 billion, up 27.7%; forestry products with US$6.58 billion, up 22.7%; seafood with US$3.5 billion, up 3.6%; and livestock products with US$199 million, up 5.6%.

Most key export items witnessed higher growth than the same period from last year, including timber and wood products with US$6.14 billion, up 23.6%; coffee with US$2.9 billion, up 44.1%; rice with US$2.65 billion, up 38.2%; cashew nuts with US$1.55 billion, up 19.3%; fruit and vegetables with US$2.59 billion, up 28.1%; and shrimp with US$1.3 billion, up 7.5%.

These positive results can be attributed to the rise in the average export price of almost all farm produce, including rice at US$638 per tonne, up 20.5%; coffee at US$ 3,482 per tonne, up 49.9%; rubber at US$1,504 per tonne, up 8.8%; and pepper at US$4,308 per tonne, up 39.3%.

Most notably, the export value of agro-forestry-fisheries products to all markets witnessed an upward trajectory. Specifically, exports to Asia, the Americas, Europe, Africa, and Oceania increased by 17.5%, 23.1%, 39.4%, 26.1%, and 24.8%, respectively.

The United States, China, and Japan continue to be the three largest import markets with respective growth rates of 23.9%, 8.6%, and 6.6%.