Root & vegetable products drive exports to fall
- Details
- Category: Economic Releases
- Created: 01 September 2015
| Agricultural Exports Volume June 2015 |
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| Jun 15 | May 15 | Apr 15 | Mar 15 | |
| Total Volume * (tonnes) |
249.2 | 507.9 | 412.3 | 365.1 |
| * Total volume figures were revised in March 2015 by the Ministry of Agriculture, Forestry, Food and Fisheries |
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Root & vegetable products drive exports to fall
Total agricultural exports declined sharply over the month by an unexpected 50.9%. The decline was a result of root vegetable products and vegetable products declining by 74.7% and 62.5% respectively. This is the lowest agricultural exports volumes recorded over the last 12 months. In particular, Cassava, Taro, and Yam exports declined. Further contributing to the monthly fall was a drop in Cured Beans, and leaf vegetables such as Pele. Lower rainfall over April to May could have contributed to the decrease in respective agricultural yields. In contrast, Fruit products increased due to more Brown Coconut exports which had offset a fall in Breadfruit. Additionally, banking data show that receipts for agricultural exports increased by 9.6% over June which could potentially be a lag effect.
The annual agricultural exports fell by 18.9% caused by declines in the same type of exports as the monthly movement. In addition, Fruit products decreased over the year to June as a result of no Squash exports and a fall in Coconut exports. The yearly drop coincides with a 34.1% decrease in agricultural proceeds captured by the banking system. Despite enabling conditions set in place such as managed funds loans to assist in boosting agricultural growth, the adverse weather conditions throughout the year had largely affected agricultural output.
Nevertheless, the NRBT continues to expect the agricultural sector to rebound in the 2015/16 financial year. This projection is supported by the latest actual data available and liaisons with growers who have indicated that they are optimistic for the new financial year. However, uncertain weather conditions still pose a significant risk for the outlook of the agricultural sector. The NRBT will continue to closely monitor the country’s economic and financial conditions in order to maintain an adequate level of foreign reserves and promote price stability.
| Agricultural Export Volumes Tonnes |
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| Month ended * |
Year ended | Memo: Share ** |
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| Jun 15 | May 15 | Apr 15 | Jun 14 | Jun 15 | Jun 14 | ||
| Total | 249.2 | 507.9 | 412.3 | 644.3 | 8,341.8 | 10,282.5 | 100.0 |
| Squash | - | - | 0.0 | 0.0 | 2,204.7 | 3,807.9 | 26 |
| Taro | 3.5 | 19.9 | 21.6 | 188.3 | 1,213.1 | 1,686.2 | 15 |
| Coconut | 143.6 | 110.6 | 111.9 | 94.1 | 1,641.5 | 1,743.6 | 20 |
| Yam | 33.0 | 139.4 | 112.2 | 176.0 | 1,176.0 | 1,310.7 | 14 |
| Cassava | 55.5 | 208.8 | 108.6 | 125.7 | 245.0 | 388.4 | 17 |
| Vanilla | 0.0 | 0.7 | 0.0 | 0.0 | 3.6 | 4.5 | 0 |
| Other | 13.4 | 28.8 | 58.0 | 60.2 | 644.5 | 839.9 | 8 |
| * Series is volatile due to seasonality of crops ** Based on the most recent 12 months of data Sources: Ministry of Agriculture, Forestry, Food and Fisheries |
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Download the Agricultural Exports Volume for June for more information.
