Agri trade deficit grows sharply in first quarter as imports expand
AGRICULTURAL TRADE posted a deficit of $1.82 billion on total imports and exports amounting to $4.92 billion in the first quarter, with imports increasing sharply, the Philippine Statistics Authority (PSA) said.
The PSA said in a report Tuesday that imports rose 11.1% to $3.37 billion during the period, while exports fell 4.9% to $1.55 billion.
Agricultural exports accounted for 8.8% of total exports, while agricultural imports made up 13% of the import total.
“In the first quarter of 2021, the total balance of trade in agricultural goods was minus $1.82 billion. This reflects a deficit with an annual increase of 29.7%,” PSA said.
The top agricultural export was edible fruits and nuts and peel of citrus fruit and melons, which accounted for $421.59 million or 27.2% of agricultural exports.
Other leading exports were animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes with $298.55 million, preparations of vegetables, fruits, nuts or other parts of plants $199.07 million, tobacco and manufactured tobacco substitutes $140.36 million, and preparations of meat, of fish, or of crustaceans, molluscs and other aquatic invertebrates $125.52 million.
The PSA said cereals were the top import commodity, accounting for 18.7% of agricultural imports valued at $628.67 million.
Other top agricultural imports were miscellaneous edible preparations at $442.51 million, residues and waste from food industries and prepared animal fodder $393.65 million, animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes $328.64 million, and meat and edible meat offal $278.36 million.
In ASEAN, Malaysia was the primary buyer of Philippine agricultural exports, taking up $61.87 million, while Indonesia was the major regional source of agricultural imports, accounting for $387.07 million.
Leading agricultural exports to ASEAN were tobacco and manufactured tobacco substitutes worth $73.15 million, animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes $46.35 million, and preparations of cereals, flour, starch or milk and pastry cooks’ products $14.98 million.
Top imports from ASEAN were miscellaneous edible preparations valued at $332.98 million, animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes $312.32 million; and cereals $254.51 million.
Within the European Union, the PSA said the Netherlands was the leading destination of Philippine agricultural exports, accounting for $120.51 million, while Spain was the top supplier of agricultural imports at $55.83 million. — Revin Mikhael D. Ochave
