The Philippines agricultural trade went up during the first quarter of the year, but this was mainly due to the higher amount of imported products that entered the country during the period.
Latest data from the Philippine Statistics Authority (PSA) showed that the country’s total agricultural trade in the first quarter of 2021 amounted to US$ 4.92 billion, rising at an annual rate of 5.5 percent from the US$4.66 billion recorded in the same period last year.
During the period, however, the country's agricultural exports were still overshadowed by imports, with exports and imports recorded at US$ 1.55 billion and USD 3.37 billion, respectively.
The total agricultural imports particularly went up by 11.1 percent during the period compared to its value of US$ 3.03 billion in the first quarter of 2020.
Among the major commodity groups, cereals, with a value of US$ 628.67 million, contributed the largest share of 18.7 percent to the total agricultural imports in the first quarter of 2021.
This, while Indonesia accounted for the highest import value among ASEAN member countries.
The country’s agricultural imports from ASEAN member countries in the first quarter of 2021 amounted to US$ 1.23 billion or 16.7 percent of the total imports from ASEAN member countries.
Of this, Indonesia contributed USD 387.07 million or 31.3 percent of the total agricultural imports from ASEAN member countries.
Meanwhile, unlike imports, the country’s agricultural export revenue decreased to US$1.55 billion or by -4.9 percent in the first quarter of 2021, from US$1.63 billion in the first quarter of 2020.
During the period, the value of agricultural export shared 8.8 percent of the total export of the country.
Among the commodity groups, edible fruit and nuts; peel of citrus fruit melons, valued at US$ 421.59 million, comprised the largest share of 27.2 percent to the total agricultural exports.
The total value of agricultural exports of the top 10 commodity groups reached US$ 1.47 billion or 94.6 percent of the total agricultural export revenue in the first quarter of 2021.
The country’s agricultural exports to ASEAN member countries in the first quarter of 2021 amounted to US$ 201.51 million, which accounted for almost 7.0 percent of the total exports to ASEAN member countries.
Among the ASEAN member countries, Malaysia was the top buyer of the Philippines’ agricultural exports worth US$ 61.87 million, or a share of 30.7 percent of the total agricultural exports to ASEAN member countries.