MANILA, Philippines - The country’s agricultural trade deficit narrowed by 70 percent in the first semester of the year as exports grew faster than imports.
The Bureau of Agricultural Statistics (BAS) data showed that agriculture trade deficit fell to $424.43 million from 1.43 billion in the same period last year.
The highest deficit level was recorded in June at $199.7 million while the lowest was posted in April at $42.20 million.
Revenues from agricultural exports rose to $3.23 billion, up by 30.68 percent from $2.47 billion in the same period last year.
Earnings from farm exports comprised 12.62 percent in the country’s total exports for the period.
The monthly export revenues for the six-month period went up year-on-year with the highest level recorded in May at $612.87 million.
The country’s expenditure for agricultural imports slowed down by 6.27 percent to $3.65 billion in the first six months of the year from P3.90 billion in the same period last year.
Monthly importations for the first semester of the year were lesser compared to last year with the lowest level recorded in April at $557.53 million.
Agricultural trade with Japan and European Union improved with trade surpluses at $430.58 million and $319.73 million, respectively.
Trade deficits were recorded with Australia, ASEAN, US and other countries.
Earnings from the country’s top 10 farm exports grew by 30.84 percent to $2.24 billion from $1.71 billion. These are coconut oil, bananas, tuna, pineapples and pineapple products, manufactured tobacco, centrifugal sugar, seaweeds and carrageenan, copra oil/cake, desiccated coconut, and manufactured fertilizer.
Coconut oil remains as the local agricultural sector’s top dollar earner despite a 0.28 percent drop in earnings, bringing in $538.31 million during the first six months of the year.
Earnings from desiccated coconut also fell by 20.35 percent.
Increased earnings were posted for copra oil/cake, centrifugal sugar, bananas, tobacco, and tuna with growths in revenues ranging from 53.89 percent to 73.58 percent.
Import expenditures for the country’s top 10 imports fell by 6.97 percent.
These were wheat, soybean oil/cake meal, milk cream and products, manufactured fertilizer, bovine meat, coffee, rice, urea, manufactured tobacco, and tuna.
The Department of Agriculture (DA) is working on opening up new markets for major farm and fisheries products to further narrow down the trade deficit.
Aside from premium rice, the Philippines has begun to revive the exportation of spices such as ginger, garlic and onion, and tamarind to food processors.