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Philippines: Agriculture trade drops 20% in Q2
MANILA, Philippines — The country’s agricultural trade value dropped 20 percent to $4.07 billion in the second quarter of the year amid lesser exports due to constraints brought about by the pandemic.
Latest data from the Philippines Statistics Authority (PSA) showed agricultural imports comprised 64.3 percent of the bulk of the trade while exports made up the remaining 35.7 percent.
Thus, the balance of trade in agricultural goods stood at a deficit of $1.17 billion.
Total agricultural exports dipped 20.6 percent to $1.45 billion, representing 11.4 percent of the total exports in the second quarter.
Agricultural imports also reflected a decrease of 19.6 percent valued at $2.62 billion compared with $3.26 billion in 2019. The amount comprised 16.5 percent of the country’s total imports.
Top exported agricultural commodities include animals or vegetable oils, edible fruits and nuts, preparation of vegetables, fruits, and nuts, fish and crustaceans, and preparation of meat, fish, and other crustaceans.
Completing the major export commodities were tobacco and manufactured tobacco substitutes, 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 were cereals, miscellaneous edible preparations, residues and waste from the food industries, prepared animal fodder, dairy produce, and animal and vegetable oils.
Among the ASEAN-member countries, Malaysia was the top destination for exports with a 37 percent share valued at $36 million while Vietnam was the top supplier of agricultural products with $334 million.
The top three major agricultural commodities exported to ASEAN member countries were tobacco and manufactured tobacco substitutes at $49 million; preparations of cereals, flour, starch or milk and pastry cooks’ products at $17 million; and fish and crustaceans, mollusks and other aquatic invertebrates at $12 million.
As for exports in EU-member countries which reached $274 million, Netherlands was the country’s top trading partner of agricultural commodities with exports reaching $115 million and imports amounting to $56 million.
The top three agricultural commodities imported from EU member countries were meat and edible meat offal at $63 million; dairy produce, birds’ eggs, natural honey, edible products of animal origin at $51 million; and cereals at $50 million.
Source: https://www.philstar.com/business/2020/09/10/2041240/agriculture-trade-drops-20-q2