THE agricultural trade deficit widened 15% year on year in the second quarter to $2.72 billion, according to preliminary data issued by the Philippine Statistics Authority (PSA).
The PSA said in a report released on Oct. 28 that overall agricultural trade during the second quarter rose 25% year on year to $6.95 billion.
The PSA said agricultural exports rose 32.4% year-on-year to $2.12 billion during the period, accounting for 11.1% of all exports, while agricultural imports rose 22% to $4.84 billion or 13.5% of all imports.
According to the PSA, exports of fats and oils, which includes animal or vegetable fats and oils and their cleavage products; prepared edible fats; and animal or vegetable wax, accounted for the biggest share by value, at $690.14 million.
Agricultural exports to the Association of Southeast Asian Nations (ASEAN) totaled $336.56 million, equivalent to 9.8% of all exports to the region. Malaysia was the leading destination at $158.58 million.
The top three major agricultural commodities exported to ASEAN were animal or vegetable fats and oils ($180.39 million), tobacco and manufactured tobacco substitutes ($69.75 million), and miscellaneous edible preparations ($16.48 million).
The PSA said cereals were the leading import commodity at $944.43 million or 19.5% of the total.
Agricultural imports from ASEAN amounted to $1.56 billion or 14.4% of overall imports. Vietnam was the biggest ASEAN source of agricultural products, accounting for $420.38 million.
The top three imports from ASEAN countries were animal or vegetable fats and oils ($451.04 million), miscellaneous edible preparations ($352.19 million), and cereals ($290.28 million).
Within the European Union (EU), the PSA said Netherlands was the leading destination of agricultural exports, accounting for $274.60 million or 55.6% of all shipments to Europe. Spain was the top EU source of agricultural products with $114.82 million. — Revin Mikhael D. Ochave
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
