THE deficit in the trade of agricultural goods in January narrowed 2.8% year on year to $1 billion, according to the Philippine Statistics Authority (PSA).
Agricultural exports in January rose to $715.25 million from $538.68 million a year earlier, the PSA said.
Agricultural exports accounted for only 29.4% of two-way agricultural trade, which was valued at $2.43 billion for the month. Exports of farm goods accounted for 11.2% of total exports.
The PSA said agricultural imports rose 9.4% to $1.72 billion, or 15.0% of all imports in January.
The PSA said the $2.43 billion total for agriculture trade rose 15.4% year on year, accelerating from 10.6% a year earlier.
The trade deficit narrowed by 10.7% year on year in December but had risen 8.1% in January 2024.
The PSA said exports of animal, vegetable, or microbial fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes were valued at $263.87 million, accounting for 36.9% of all agricultural exports.
Agricultural shipments to members of the Association of Southeast Asian Nations (ASEAN) in January hit $118.19 million, with Malaysia accounting for $76.56 million or 65.6% of the total.
The Netherlands accounted for $67.86 million or 49.9% of the Philippines’ agricultural exports to the European Union (EU). It bought agricultural goods worth $136.13 million from the Philippines.
The PSA said cereals accounted for 19.1% or $328.02 million of all agricultural imports in January.
It said Vietnam accounted for $192.16 million or 29.1% of agricultural imports from ASEAN.
The top agricultural products imported from ASEAN were animal, vegetable, microbial fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes, cereals, and miscellaneous edible preparations.
Among EU members, Spain was the Philippines’ top supplier of agricultural commodities, with imports valued at $32.62 million.
The top agricultural commodities imported from the EU were meat and edible meat offal, dairy produce, eggs, natural honey and edible products of animal origin. — Kyle Aristophere T. Atienza