Agri trade deficit in July widens to 4.9%

THE deficit in the agricultural goods trade in July rose 4.9% year on year to $929.78 million, according to the Philippine Statistics Authority (PSA).

Agricultural exports in July rose 17.5% to $779.32 million, the PSA said in a report.

It said agricultural exports accounted for 31.3% of two-way agricultural trade, valued at $2.49 billion in July. Farm goods accounted for 10.6% of total exports.

Agricultural imports rose 10.3% year on year in July to $1.71 billion. Farm goods accounted for 15% of Philippine imports overall last month.

The $2.49 billion in agriculture trade in July was up 12.4% year on year. In June and July 2024, trade had risen 13.1% and 6.6%, respectively.

The PSA said exports of edible fruit and nuts, peel of citrus fruit or melons were valued at $246.19 million, accounting for 31.6% of agricultural exports.

Agricultural shipments to members of the Association of Southeast Asian Nations (ASEAN) in July hit $63.72 million, with Malaysia accounting for $23.17 million or 36.4% of the total.

The Netherlands accounted for $119.59 million or 57.8% of Philippine agricultural exports to the European Union (EU). EU purchases totaled $206.88 million.

The PSA said cereals accounted for $319.67 million or 18.7% of all agricultural imports in July.

Indonesia accounted for $195.57 million or 30.0% of Philippine agricultural imports from ASEAN.

Within the EU, Spain was the Philippines’ top supplier of agricultural commodities, with imports valued at $39.34 million.

The top agricultural commodities imported from the EU were meat and edible meat offal, dairy produce, birds’ eggs, natural honey, edible products of animal origin, residues and waste from the food industries, and prepared animal fodder. — Kyle Aristophere T. Atienza