Agri trade deficit narrows 1.6% in February

THE deficit in the agricultural goods trade narrowed by 1.6% in February to $828.95 million, according to preliminary data from the Philippine Statistics Authority (PSA).

The PSA said the deficit in February decreased from $842.6 million a year earlier.

Agricultural exports in February rose 7.1% year on year to $749.95 million, accounting for 10.2% of total exports. As a share of the $2.33 billion in two-way trade in farm products, exports accounted for 32.2%.

Imports of agricultural products in February rose 2.3% year on year to $1.58 billion, accounting for 14.3% of overall imports.

Two-way agricultural trade in February grew 3.8% year on year.

The PSA said exports of animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes declined 3.3% year on year to $252.26 million in February, accounting for 33.6% of agricultural exports.

Exports of edible fruit and nuts, including peels of citrus fruit and melons, grew 13% year on year to $204.06 million in February, accounting for 27.2% of agricultural exports.

Agricultural shipments to the Association of Southeast Asian Nations (ASEAN) hit $60.31 million, with top buyer Malaysia accounting for $19.68 million or 32.63% of the total.

Exports to the Netherlands, the Philippines’ top destination for agricultural commodities in the European Union (EU), amounted to $112.65 million or 54.64% of Philippine agricultural exports to the bloc.

Among the major commodity groups, cereals accounted for the largest share of agricultural imports in February, totaling $332.69 million or 21.1%. The value of cereal exports fell 7.6% year on year during the month.

Vietnam was the leading supplier of agricultural products to the Philippines within ASEAN, accounting for $186.4 million or 28.53% of total imports from the region.

The top agricultural goods imported from ASEAN were cereals and animal, vegetable, or microbial fats and oils, and their cleavage products; prepared edible fats; and animal or vegetable waxes.

Within the EU, Spain was the Philippines’ top supplier of agricultural commodities, with imports valued at $25.33 million, or 21.7% of total shipments from the region.

The top agricultural commodities from the EU were meat and edible meat offal. — Vonn Andrei E. Villamiel