Agricultural trade drops 12% to $4.4 billion in Q1

MANILA, Philippines — The country’s agricultural trade value declined by 12 percent to $4.4 billion in the first quarter despite higher exports, the Philippines Statistics Authority (PSA) said.

Latest data from the PSA showed 63.5 percent of the total trade comprised agricultural imports, while the remaining 36.5 percent comprised exports. Total balance of trade in agricultural goods decreased by 37.8 percent to $1.19 billion.

Total agricultural export rose 4.7 percent to $1.61 billion, accounting for 10.2 percent of the total exports during the period.

Agricultural imports contracted by 18.9 percent to $2.79 billion, representing 12 percent of the country’s total imports.

Top exported agricultural commodities include animals or vegetable oils, edible fruits and nuts, tobacco and manufactured tobacco substitutes, preparation of vegetables, fruits, and nuts, fish and crustaceans, and preparation of meat, fish, and other crustaceans.

Other major export commodities were preparation of cereals, flour, starch or milk; pastry cooks’ products, gums, resins and other vegetable saps and extracts, miscellaneous edible preparations, and beverages, spirits and vinegar.

On the other hand, the major import commodities were cereals, miscellaneous edible preparations, residues and waste from the food industries, prepared animal fodder, dairy produce, and meat and edible meat offals.

Among the ASEAN-member countries, Malaysia was the top destination for export with a 37 percent share valued at $56 million, while Vietnam was the top supplier of agricultural products accounting for $276 million or a 27 percent share.

The top three major agricultural commodities exported to ASEAN member countries were tobacco and manufactured tobacco substitutes ($55 million); animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes ($25 million) and preparations of cereals, flour, starch or milk and pastry cooks’ products at $16 million.

Meanwhile, exports to EU-member countries amounted to $301 million, Netherlands was the country’s top trading partner of agricultural commodities with exports reaching $141 million and imports of $67 million.

The top three agricultural commodities imported from EU member countries were meat and edible meat offal ($74 million), cereals ($55 million) and dairy produce, birds’ eggs, natural honey, edible products of animal origin ($47 million).