Agri trade deficit narrows 60% in 9 mos

MANILA, Philippines - The country’s agriculture trade deficit narrowed by 60.47 percent in the first nine months of 2013 as export revenues registered double-digit growth and import expenditure decreased. 

Data released by the  Bureau of Agricultural Statistics (BAS) over the weekend showed that in the January to September 2013 period, the agricultural trade deficit fell to $964.47 million from $2.43 billion in the comparable period in 2012. 

Earnings from agricultural exports during the period reached $4.707 billion, up 28.31 percent from the revenues posted in the same period in 2012.

Farm exports accounted for 11.75 percent of the country’s total export earnings for the period.

Total expenditure for agricultural imports during the period fell 7.15 percent to $5.67 billion from $6.10 billion in 2012.

Farm imports comprise 11.60 percent of the country’s total import expenditure in the first three quarters of 2013.

Trade of agricultural commodities with Japan and European Union registered surpluses of $602.75 million and $309.98 million respectively. Deficits were noted with other trading partners such as Australia, ASEAN, US and other foreign markets. 

Total earnings from the country’s top 10 agricultural exports grew 30.08 percent to $3.31 billion in the first nine months of 2013 from $2.44 billion in the same period in 2012. 

Coconut oil remained as the local farm industry’s top dollar-earner, bringing in revenues of $771.26 million albeit a slowdown by 0.86 percent from the same period in 2012. 

Export earnings for the following farm, commodities posted increases during the period: copra oil cake (174.30 percent), tobacco manufactured (77.21 percent), centrifugal sugar (74.28 percent), fresh banana (58.62 percent), tuna (48.60 percent), seaweeds and carrageenan (32.79 percent), and fertilizer manufactured (11percent), pineapple and pineapple products (4.88 percent). 

Total expenditure for the country’s top 10 agricultural imports dropped by 10.16 percent. 

Expenditure for wheat and meslin, the country’s largets import, fell by 11.83 percent. Imports of fertilizer manufactured, urea, coffee, rice and tobacco also fell. 

Showing increases, however, were imports of milk and cream, soybean oil/cake meal, bovine meat, and tuna. 

The Department of Agriculture (DA) is looking for other farm products that could be exported. This ranges from meat, seafood, fruits that could be used for making seasonings and condiments, and grains. 

In 2013, the Philippines resumed the exportation of premium rice, albeit in small quantities to reintroduce Philippine rice to the world market. 

The DA is also looking into other opportunities for meat to maximize the country’s animal-disease-free status. 

The Philippines remains free from bird flu and foot-and-mouth disease in livestock which affected neighboring  Asia countries such as China, Taiwan and Thailand.