Agriculture trade shrinks at faster 7.1% pace

MANILA, Philippines — The value of the country’s agricultural trade declined at a faster pace of 7.1 percent to $18.78 billion in 2020 from $20.21 billion in 2019 amid restrictions due to the pandemic, according to the Philippines Statistics Authority (PSA).

Agricultural imports accounted for the bulk or 67 percent of total trade while the remaining 33 percent was for exports.

The country’s balance of trade in agricultural goods stood at $6.38 billion in 2020.

Agricultural exports, which accounted for 9.5 percent of total shipments in 2020, dipped by 7.1 percent to $6.2 billion.

Agricultural imports, on the other hand, also reflected a decrease of 7.1 percent to $12.58 billion compared to $13.53 billion in 2019.

Agricultural products accounted for 14 percent of the country’s total purchases from abroad.

The country’s top exports of agricultural commodities include animals or vegetable oils, edible fruits and nuts, preparation of vegetables, fruits, nuts, meat, fish, and crustaceans, and tobacco and manufactured tobacco substitutes.

Completing the 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, major import commodities during the period were cereals, miscellaneous edible preparations, residues and waste from the food industries, dairy produce, and meat and edible meat offal.

Among the ASEAN-member countries, Malaysia was the top destination for export with a 33.8 percent share valued at $226.77 million while Vietnam was the top supplier of agricultural products reaching $1.19 billion or a 27 percent share.

The country’s top three major agricultural commodities exported to ASEAN were tobacco and manufactured tobacco substitutes ($230.82 million), animal and vegetable fats and oils ($126.52 million) and cereals ($62.59 million).

Netherlands was the country’s top trading partner of agricultural commodities in Europe with exports reaching $443.05 million and imports amounting to $280.15 million.

The top three agricultural commodities imported from EU were meat and edible meat offal ($336.39 million), dairy produce, birds’ eggs, natural honey, edible products of animal origin ($256.50 million) and cereals ($176.93 million). – Catherine Talavera