Agriculture trade down 4% to $4.19 B in Q4

MANILA, Philippines — The country’s agricultural trade value dropped nearly four percent to $4.19 billion in the last quarter of 2017 as commodity exports decreased and imports went up, the Philippine Statistics Authority (PSA) said.

Latest data from PSA showed agricultural trade declined 3.6 percent from $4.35 billion in 2016 as total agricultural exports fell 15.3 percent to $1.30 billion from $1.54 billion a year earlier.

The sector’s share to total exports was 8.4 percent compared to the 10.3 percent in 2016, thus resulting in a higher trade deficit of $1.59 billion against $1.28 billion in 2016.

Agri imports, on the other hand, went up 18 percent to $27.55 billion from $23.37 billion year-on-year, but the sector’s share to total imports decreased to 11 percent from 12 percent in 2016.

Top exported agricultural commodities include animals or vegetable oils, edible fruits and nuts, preparation of vegetables, fruits, and nuts, fish and crustaceans, and preparation of meat, fish, and other crustaceans.

Completing the major export commodities were tobacco and manufactured tobacco substitutes, preparation of cereals, flour, starch or milk; pastry cooks’ products, sugars and sugar confectionary, gums, resins and other vegetable saps and extracts,  and other miscellaneous edible preparations.

On the other hand, major import commodities during the period were cereals, meat and edible meat offals, dairy produce, and beverages and spirits, among others.

Among the country’s major trading partners, Japan posted a trade surplus of $129.54 million, 30.2 percent lower from $185.52 million in 2016.

Other trading partners include the European Union with $14.25 million trade deficit, Australia with $99.92 million, US with $305.50 million and ASEAN with $838.33 million.

Among the ASEAN-member countries, Thailand was the top destination for exports with a 27.6 percent share valued at $30.22 million, while Indonesia was the top supplier of agricultural products, reaching $297.50 million or a 31.4 percent share.

As for exports to EU-member countries which totalled to $306.56 million, Netherlands was the country’s top trading partner of agricultural commodities, with exports reaching $176.80 million and imports amounting to $66.90 million.