Agricultural trade recovers in 2021

MANILA, Philippines — The value of the country’s agricultural trade bounced back from a pandemic slump, growing by almost 20 percent to $22.5 billion last year as the economy reopened, according to the Philippines Statistics Authority (PSA).

Latest data from the PSA showed agricultural trade jumped by 19.8 percent to $22.49 billion in 2021 from $18.78 billion in 2020.

Agricultural imports accounted for the bulk of agricultural trade with 70 percent, while exports accounted for the remaining 30 percent.

Total balance of trade in agricultural goods was $8.92 billion, which manifested a deficit with an annual increase of almost 40 percent.

Total agricultural exports improved by 9.4 percent to $6.79 billion – a share of nine percent of the total exports last year.

Agricultural imports also reflected a much faster increase of 25 percent valued at $15.71 billion compared to $12.58 billion in 2020. Agri products accounted for 13.3 percent of the country’s total imports.

The top agricultural exports included animal or vegetable oils; edible fruits and nuts; preparations of vegetables, fruits, nuts, meat, fish and crustaceans, and tobacco and manufactured tobacco substitutes.

Completing the major export commodities were fish and crustaceans; preparations of cereals, flour, starch or milk; pastry cooks’ products, gums, resins and other vegetable saps and extracts; miscellaneous edible preparations, and sugar and sugar confectionery.

On the other hand, major import commodities during the period were cereals, miscellaneous edible preparations, residues and waste from the food industries, meat and edible meat offal, and animals or vegetable oils.

Among the ASEAN member countries, Malaysia was the top export destination with a 32.3 percent share valued at $247.95 million, while Indonesia was the top supplier of agricultural products with $1.65 billion or a 30 percent share.

The top three major agricultural commodities exported to ASEAN member countries were tobacco and manufactured tobacco substitutes ($253.85 million), animal and vegetable fats and oils ($192.31 million), and cereals ($62.51 million).

As for exports in EU-member countries, which totaled to $1.39 billion, Netherlands was the country’s top trading partner for exports ($698.11 million), while Spain was the main source of agriculture imports ($333.49 million).

The top three agricultural commodities imported from EU member countries were meat and edible meat offal ($587.39 million), dairy produce, birds’ eggs, natural honey, edible products of animal origin ($277.17 million) and residues and waste from the food industries ($181.41 million).