Agri trade in Q2 up 2.6% to $4.011B
By: Karl R. Ocampo – @inquirerdotnetPhilippine Daily Inquirer / 05:21 AM October 25, 2017
http://business.inquirer.net/
The total value of Philippine agricultural trade in the second quarter increased by 2.6 percent to $4.011 billion from $3.910 billion a year ago as exports of high-value commodities increased and imports declined.
This reduced the agricultural trade deficit during the period to $1.335 billion from $1.751 billion in the same period last year, data from the Philippine Statistics Authority (PSA) showed.
Agricultural exports swelled by 23.9 percent to $1.338 billion from $1.080 billion last year, increasing the sector’s share to the country’s total exports by 8.5 percent from 7.7 percent year-on-year.
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, which comprised almost 80 percent of the total exported products.
Imports, on the other hand, showed an opposite trend, dropping by 5.6 percent to $2.763 billion in the second quarter from $2.831 billion in the same period from a year ago.
Cereals were the most imported agricultural products, followed by prepared animal fodder and meat, and edible animal organs and entrails.
Among the country’s major trading partners, Japan posted a trade surplus of $153.52 million, 29.1 percent higher during the same period of 2016.
Other trading partners include Australia with $217.68 million trade deficit; United States with $315.99 million trade deficit; Asean with $700.45 million trade deficit; and the European Union with $5.69 million trade deficit.
Among Asean-member countries, Malaysia accounted for 33.5 percent of the country’s total trade in the region with a value of $40.32 million. Indonesia, on the other hand, was the country’s largest supplier of agricultural commodities valued at $242.01 million or 29.5 percent of the country’s total agricultural import payments.
As for exports in EU-member countries which amounted to $314.10 million, Netherlands was the country’s top destination accounting for more than half of exported commodities, while Germany became the top trading partner of the country in the region with $70.05 million share, or 21.9 percent.
