Agri trade value grows 6.5% in Q3

MANILA, Philippines — The total value of the country’s agricultural trade grew 6.5 percent in the third quarter of the year as exports increased alongside imports,  according to latest government data.

Figures from the Philippine Statistics Authority (PSA) showed that the total value of Philippine agricultural trade rose to $4.45 billion from $4.18 billion in the same period last year.

Total agricultural export went up 14.3 percent to $1.605 billion.

The share of agricultural export to total export rose to  9.8 percent from 9.2 percent.  Total export sales for all commodities grew 8.4 percent.  

Agricultural imports increased 2.5 percent to $2.845 billion. The share of agricultural imports to total imports, however, declined to 12.6 percent from 12.8 percent.

“This was translated to a lower trade deficit of $1.24 billion in the third quarter compared with $1.37 billion in 2016,”the PSA said.

Meanwhile, the country’s total import bill rose 3.9 percent to $22.55 billion.

Animal or vegetable oils and their cleavage products, prepared edible fats, animal or vegetable waxes were the leading agricultural commodity exports in the third quarter, accounting for the largest share of 27 percent valued at $433.77 million.

In contrast, the PSA identified cereals as the top agricultural import with a value of $376.03 million or lower than the $403.33 million recorded last year.

The country’s major trading partners are Japan and the European Union, which posted trade surplus of $170.68 million and $27.77 million, respectively.

Other major trading partners were Australia, USA and ASEAN. The country’s agricultural exports to ASEAN-member countries accounted for 5.5 percent of the total exports amounting to $135.09 million.

According to the PSA, Netherlands is the country’s top trading partner of agricultural commodities among the EU member countries with exports reaching $176.17 million and imports hitting  $78.54 million.

Agricultural exports to EU member countries reached $386.6 million, accounting for 15.3 percent of the country’s total exports, while agricultural imports from EU member countries amounted to $358.83 million or 20.3 percent of the total imports.