AGRICULTURAL trade posted a narrower deficit in May as exports grew faster than imports, although the country continued to rely heavily on imported farm goods, according to the Philippine Statistics Authority (PSA).
PSA data showed the country’s agricultural trade deficit narrowed 6.4 percent year on year to US$988.65 million in May from $1.06 billion a year earlier. Total agricultural trade rose 4.8 percent to $2.67 billion, with exports increasing at a faster pace than imports.
Agricultural exports climbed 12.8 percent to $840.18 million, accounting for 31.5 percent of total agricultural trade and 10.7 percent of the country’s total exports. Imports, meanwhile, inched up 1.5 percent to $1.83 billion, representing 68.5 percent of agricultural trade and 13.7 percent of total imports.
Edible fruits and nuts remained the country’s top agricultural export, contributing $299.68 million, or 35.7 percent, of total farm exports. The top 10 export commodity groups accounted for 97 percent of total agricultural export earnings.
Among Asean markets, Malaysia was the Philippines’ biggest buyer of agricultural exports at $27.9 million, while the Netherlands was the leading destination in the European Union with $66.25 million worth of farm products.
On the import side, cereals remained the country’s biggest agricultural import at $454.21 million, accounting for 24.8 percent of total agricultural imports. Vietnam was the Philippines’ largest agricultural supplier among Asean countries with shipments valued at $256.6 million, while Spain led suppliers from the European Union with $29.98 million in agricultural products to the Philippines. / KOC