Agri trade deficit slightly improves in Q3

The deficit in agricultural trade during the third quarter slightly rose from $2.97 billion a year ago to $3,01 billion (or by 1.5 percent)  this year, amid a slowdown in imports with the harvest of local products.

The Philippine Statistics Authority said the amount was definitely smaller compared to the deficit in the second quarter this year of $3.07 billion.

The PSA said agricultural trade —  the sum of exports and imports — rose 12.1 percent to $6.69 billion, reversing an 11.8 percent year-earlier decline. We have not just increased our traditional imports, but we added more items to the import basket.

Agricultural exports rose 21.8 percent to $1.97 billion for the three months to September, accounting for 10.3 percent of total exports. 

These were animal or vegetable fats and oils and their cleavage products, prepared edible fats and animal or vegetable waxes were the top agricultural exports, accounting for 29.5% of the total with a value of $583.43 million.

Farm products shipped to Association of Southeast Asian Nations (ASEAN) countries accounted for 8.7 percent of total exports and were valued at $239.85 million.

Malaysia was the Philippines’ top export market for farm goods, accounting for $121.13 million or 50.5 percent of the Philippines’ farm exports to ASEAN.

Animal or vegetable fats and oils, followed by tobacco, and edible fruits and nuts were the top farm export to ASEAN.

Shipments to the European Union (EU) made up 19.4 percent of all agricultural exports, and were valued at $410.78 million.

The top destination for Philippine farm products was the Netherlands which took in $185.71 million, or 45.2% of all farm exports to the EU.

Animal or vegetable fats and oils and their cleavage products, prepared edible fats and animal or vegetable waxes were the top agricultural exports to the region.

Imports however rose 8.7 percent year on year to $4.99 billion in the three months to September.

Cereals remained the top agricultural import in the third quarter at 21% of the total, valued at $1.05 billion.

Imports from the EU amounted to $450.29 million or 24.6% of farm imports by value.

Spain was the top EU supplier of farm goods, accounting for $112.93 million or 24.3% of overall farm imports.

Meat and edible meat offal were the top imports from the EU, followed by dairy, eggs, honey, and prepared animal fodder.