Farm trade down 3% to $5.06 billion in Q3

MANILA, Philippines — The country’s agricultural trade value declined by three percent to $5.06 billion in the third quarter of 2019 despite higher commodity exports, the Philippines Statistics Authority (PSA) said.

Total agricultural exports, however, rose by 3.8 percent to $1.58 billion, but the sector’s share to total export decreased by 0.2 percentage points.

Farm exports comprised 8.6 percent of the total Philippine exports in July to September.

Earnings from the country’s top 10 agricultural exports increased by 6.4 percent to $1.53 billion in the third quarter.

The total value of the top 10 agricultural exports made up 96.5 percent of the total agricultural export revenue during the period.

Among the commodity groups, exports of edible fruit and nuts; peel of citrus fruit or melons, valued at $648.09 million, accounted for the largest share of 40.9 percent to the total agricultural exports.

Outbound shipments of animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes placed second with a share of 13 percent.

Preparation of vegetables, fruit, nuts or other parts of plants ranked third, accounting for 11.6 percent.

Imports fell by 7.84 percent to $27.53 billion.   The sector’s share to total imports increased by 0.3 percentage points.

Agricultural imports reflected a decrease of 5.7 percent valued at $3.48 billion.

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.

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, prepared animal fodder, dairy produce, meat and edible meat offals, sugar and sugar confectionary, and animal and vegetable fats and oils.

In terms of destination, Malaysia was the top customer for Philippine agricultural exports among ASEAN member countries followed by Thailand and Vietnam.

ASEAN was a plum destination for exports such as tobacco and manufactured tobacco substitutes; edible fruit and nuts; peel of citrus fruit melons; animal or vegetable fats and oils; prepared edible fats; as well as animal or vegetable waxes.

Among countries in the European Union, the Netherlands absorbed the most Philippine agricultural exports followed by Germany, UK Great Britain and Northern Ireland.

The top three agricultural commodities imported from EU member countries were meat and edible meat offal at $128.98 million; dairy produce, birds’ eggs, natural honey, edible products of animal origin at $73.59 million; and residues and waste from the food industries, prepared animal fodder at $45.81 million.