MANILA, Philippines — The value of the country’s agricultural trade continued to grow but at a slower pace in the fourth quarter of 2022 to $6.32 billion, driven by a double-digit increase in agricultural imports, according to the Philippine Statistics Authority (PSA).
The fourth quarter figure is lower than the 17.6 percent growth registered in the previous quarter and the 25.5 percent growth a year ago.
Agricultural imports accounted for 75.5 percent of total agricultural trade in the fourth quarter, up 13.9 percent to $4.77 billion.
In contrast, agricultural exports accounted for 24.5 percent of the total trade, recording a 15 percent drop to $1.55 billion.
“The total agricultural imports were valued at $4.77 billion representing a share of 14.9 percent of the country’s total imports in the fourth quarter of 2022,”the PSA said.
The country’s top exports of agricultural commodities include edible fruits and nuts, peels of citrus fruit melons,animals or vegetable fats and oil and their cleavage products, preparation of vegetables, fruits, nuts, other parts of plant, meat, fish, and crustaceans, and tobacco and manufactured tobacco substitutes.
On the other hand, the major import commodities were cereals, residues and waste from the food industries, prepared animal fodder, meat and edible meat offal, animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes, and miscellaneous edible preparations.
Among the ASEAN-member countries, Malaysia was the top destination for exports, with a 36.2 percent share valued at $65.21 million, while Indonesia was the top supplier of agricultural products accounting for $481.52 million or a 30.7 percent share.
The country’s top three major agricultural commodities exported to ASEAN were tobacco and manufactured tobacco substitutes ($64.33 million), animal and vegetable fats and oils ($35.74 million), and miscellaneous edible preparations ($16.90 million).
On the other hand, the top three agricultural imports from ASEAN were animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes ($392.76 million); cereals, ($304.63 million); and miscellaneous edible preparations ($289.34 million).
Netherlands was the country’s top destination of agricultural exports among European Union member countries, with a value of $160.07 million or a 49.2 percent share.
In contrast, Spain was the country’s top source of agricultural imports in the EU, with total imports reaching $105.51 million or a 22.4 percent share.
The top three agricultural commodities exported to the EU include animal or vegetable fats and oils and their cleavage, prepared edible fats, animal or vegetable waxes ($166.45 million), preparations of meat, of fish or of crustaceans, molluscs and other aquatic invertebrates ($47.13 million), and lac, gums, resins and other vegetable saps and extracts ($35.05 million).