THE VALUE of agricultural trade dropped by 7.1% year on year to $18.78 billion in 2020 as both exports and imports declined, the Philippine Statistics Authority (PSA) reported on Friday.
The PSA said agricultural exports declined by 7.1% to $6.20 billion in 2020. These products made up 9.5% of the country’s total outbound shipments last year.
Edible fruits and nuts and peel of citrus fruit melons, which accounted for the largest share or 37.5% of the total exports, were valued at $2.32 billion.
Meanwhile, exports of animal or vegetable fats and oils and their cleavage products were worth $32 million; preparations of meat, of fish or of crustaceans, molluscs, and other aquatic invertebrates were valued at $231.49 million; and preparations of vegetables, fruit, nuts or other parts of plants were at $142.40 million.
Meanwhile, agricultural imports decreased by 7.1% to $12.58 billion last year. This accounted for 14% of the country’s inbound shipments in 2020.
Cereals were the top imported goods at $2.55 billion. Miscellaneous edible preparations came second at $1.56 billion, and residues and waste from food industries or prepared animal fodder ranked third at $1.43 billion.
The balance of trade in agricultural goods stood at a $6.38 billion gap in 2020, down 7% from $6.85 billion in 2019.
Among ASEAN countries, Malaysia was the top destination of the country’s exports, accounting for 33.8% or $226.77 million of the total, while Vietnam was the major source of imports at 27.4% or $1.19 billion.
The PSA said the top agricultural products exported to other ASEAN countries were tobacco and manufactured tobacco substitutes valued at $230.82 million; animal or vegetable fats and oils and their cleavage products, and prepared edible fats, and animal or vegetable waxes at $126.52 million; and preparations of cereals, flour, starch or milk; pastry cooks’ products worth $62.59 million.
On the other hand, miscellaneous edible preparations were the top agricultural commodity imported from ASEAN countries at $1.09 billion. Cereals came second at $938.76 million, while animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes were at $877.05 million.
Meanwhile, the Netherlands was the Philippines’ top trading partner among countries in the European Union, with exports to the country valued at $280.15 million or 20.9% of the $1.04 billion in shipments of agricultural products to the EU last year. — A.Y. Yang
