The country’s total agricultural trade reached $5.93 billion during the third quarter of this year, increasing at an annual rate of 14.8 percent amid the continuously increasing imports.
Data from the Philippine Statistics Authority (PSA) showed that during the third quarter of 2021, agricultural exports and imports were recorded at $1.76 billion and $4.16 billion, respectively, up by
29.7 percent and by 70.3 percent.
The total balance of trade in agricultural goods was a $2.4-billion shortfall. This manifested a deficit with an annual increase of 18.3 percent.
In the second quarter of 2021, the annual increase of trade deficit swelled to 103.1 percent, while in the third quarter of 2020, trade deficit posted annual growth of 13.1 percent.
To be specific, the country’s total agricultural imports amounted to $4.16 billion, or a share of 13.5 percent of the country’s total imports in the third quarter of 2021.
The total agricultural imports increased by 15.8 percent during the period compared to its value of $3.60 billion in the third quarter of 2020.
The country’s agricultural imports from EU member countries amounted to $456.41 million or a share of 23 percent of the total imports from EU member countries in the third quarter of 2021.
Among EU member countries, Spain was the country’s top supplier of agricultural commodities to the Philippines valued at $93.77 million or a share of 20.5 percent of the total agricultural imports from EU member countries.
Meat and edible meat offal commodity group ranked first in terms of imports from EU member countries Indonesia, on the other hand, accounted for the highest import value among ASEAN member countries.
The country’s agricultural imports from ASEAN member countries in the third quarter of 2021 amounted to $1,368.76 million or 16.3 percent of the total imports from ASEAN member countries.
Indonesia, which contributed $401.21 million or 29.3 percent of the total agricultural imports from ASEAN member countries, was the major source of agricultural products in the third quarter of 2021.
Among the major commodity groups, cereals worth $908.66 million, contributed the largest share of 21.8 percent to the total agricultural imports in the third quarter of 2021.
Meanwhile, the country’s agricultural exports have remained insignificant compared to imports.
The country’s agricultural export revenue only increased to $1.76 billion or by 12.5 percent in the third quarter of 2021, from $1.57 billion in the third quarter of 2020.
During the period, the value of agricultural export accounted for almost 8.9 percent of the total export of the country.