Trade deficit in the agriculture sector fell during the second quarter of the year amid lower imports and exports, a Philippine Statistics Authority (PSA) showed.
The Philippines’ agricultural trade slowed down in the second quarter of the year – with its value slumping by 20 percent to US$4.07 billion from last year’s US$5.09 billion – as the country exported fewer farm products during the period.
During the quarter, agricultural exports were recorded at US$1.45 billion, accounting for 35.7 percent of the total agriculture trade, while imports stood at US$ 2.62 billion, a share of 64.3 percent to the total farm commodities trade.
This reflects a deficit, with an annual decrease of 18.4 percent.
To be specific, the amount of agricultural products exported to other countries decreased by 20.6 percent.
During the period, the value of agricultural export reflected a share of 11.4 percent to the total export of the country.
Agricultural export of edible fruit and nuts and peel of citrus fruit melons commodity group comprise the largest share to total agricultural export.
Meanwhile, the amount of agricultural products the country imported also declined during the period.
In total, the total agricultural imports had a share of 16.5 percent to the country’s total imports in the second quarter of 2020.
Among the major commodity groups, cereals, with a value of US$636.25 million, comprised the largest share of 24.3 percent to the total agricultural imports in the second quarter of 2020.