Agricultural trade deficit narrows in Q4 to $3.02B
THE DEFICIT in the trade of agricultural goods declined 6.6% year on year to $3.02 billion in the fourth quarter, according to preliminary data issued by the Philippine Statistics Authority (PSA).
In a report, the PSA said that the overall trade in agriculture — or the sum of exports and imports — slipped 0.9% to $6.27 billion during the quarter, a reversal of the 5.1% growth posted a year earlier.
Agricultural imports, which accounted for 14.7% of overall imports for the period, dropped 2.9% to $4.78 billion during the quarter.
Cereals remained the top agricultural import during the quarter, accounting for 22% of the total, or $1.02 billion.
Agricultural imports from the Association of Southeast Asian Nations (ASEAN) amounted to $1.67 billion, or 17.8% of all farm shipments.
“Vietnam was the leading supplier of agricultural products to the Philippines among ASEAN member countries. It contributed $479.29 million, or 28.6%, to the country’s total value of agricultural imports from ASEAN,” the PSA said.
Meat and edible meat offal were the top imports from the European Union (EU) during the fourth quarter.
“Agricultural imports from EU member countries amounted to $391.29 million or 19.7% of the total value of imports in the fourth quarter,” it added.
During the quarter, Spain was the Philippines’ top supplier of agricultural commodities, with its shipments valued at $101.5 million.
The PSA reported that exports of farm goods increased 5% to $1.63 billion during the period.
“In the fourth quarter, the value of agricultural exports accounted for 8.8% of total exports,” it added.
The leading exports were edible fruit and nuts, as well as peel of citrus fruit and melons, valued at $501.12 million or 30.8% of the total.
Exports to ASEAN during the fourth quarter totaled $204.31 million, equivalent to 7.2% of farm exports for the period.
Tobacco and manufactured tobacco substitutes were the top exports during the quarter.
Malaysia remained the top buyer of Philippine farm products with $52.02 million.
“Exports of agricultural goods to EU member countries in the fourth quarter of 2023 reached $270.81 million, which (accounted for) 13.6% of all exports to the EU, the PSA said.
The Netherlands remained the top buyer of agricultural goods within the EU. It purchased $270.81 million or 13.6% of Philippine farm exports to the region.
Animal or vegetable fats and oils and their cleavage products, prepared edible fats and animal or vegetable waxes remained the top agricultural exports to the EU. — Adrian H. Halili