Agricultural trade grows 8% in 2018 third quarter
MANILA, Philippines — The country’s agricultural trade value improved eight percent to $5.22 billion in the third quarter of 2018 despite the decrease in commodity exports, the Philippines Statistics Authority (PSA) said.
Total agricultural export declined 4.3 percent to $1.68 billion.
The sector’s share to total exports fell 0.6 percentage points in July to September.
Imports grew 21.4 percent to $30.33 billion but the sector’s share to total imports decreased by 0.6 percentage points.
Agricultural imports increased by 15.5 percent to $3.54 billion.
Top agricultural commodity exports include animals or vegetable oils, edible fruits and nuts, fruits and nuts, fish and 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 beverages, spirits and vinegar.
On the other hand, major import commodities during the period were cereals, prepared animal fodder, meat and edible meat offals, dairy produce, and edible fruits, among others.
Among the country’s major trading partners, Japan posted a trade surplus of $273.38 million.
Other trading partners include the ASEAN with $1.07 billion trade deficit, US ($470.6 million), Australia ($153.2 million and the European Union ($102.1 million).
Among the ASEAN-member countries, Malaysia was the top destination for exports with a 33 percent share valued at $58 million while Thailand was the top supplier of agricultural products with $404 million, representing a 32 percent share.
As for exports in EU-member countries which reached $263.5 million, Netherlands was the country’s top trading partner of agricultural commodities with exports reaching $92 million and imports amounting to $65 million.
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