THE deficit in the agricultural goods trade widened 15.7% in September to $932.15 million, according to preliminary data from the Philippine Statistics Authority (PSA).
Agricultural exports in September rose 19.1% to $794.46 million, accounting for 11% of total exports. As a share of the $2.52 billion in two-way trade in farm products, exports accounted for 31.5%.
Imports of agricultural commodities in September dipped 2.6% year on year to $1.73 billion, accounting for 14.9% of overall imports.
Two-way agricultural trade in September was up 3.3% year on year. In August and September 2024, two-way agriculture trade grew 5.0% and 26.1%, respectively.
The PSA said animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes were valued at $297.51 million, accounting for 37.4% of agricultural exports.
Agricultural shipments to members of the Association of Southeast Asian Nations (ASEAN) in September hit $73.92 million, with top buyer Malaysia accounting for $26.34 million or 35.6% of the total.
Exports to the Netherlands, the Philippines’ top destination for agricultural commodities in the European Union (EU), amounted to $142.82 million or 61.1% of Philippine agricultural exports to the region.
Among the major commodity groups, cereals accounted for the largest share of agricultural imports in September, totaling $361.25 million or 20.9%.
Indonesia was the leading supplier of agricultural products to the Philippines within ASEAN, accounting for $190.86 million or 28.3% of total imports from the region.
The top agricultural goods imported from ASEAN included animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes; and cereals.
Within the EU, Spain was the Philippines’ top supplier of agricultural commodities, with imports valued at $44.51 million.
Top agricultural commodities from the EU included meat and edible meat offal; dairy produce, birds’ eggs, natural honey, and other edible products of animal origin; and beverages, spirits, and vinegar. — Vonn Andrei E. Villamiel