Agricultural trade up 5% to $21.2 billion in 2019

MANILA, Philippines — The country’s agricultural trade value improved by five percent to $21.22 billion in 2019 amid higher exports, the Philippines Statistics Authority (PSA) said.

The amount represents nearly 12 percent of the total trade last year.

Total agricultural exports rose nine percent to $6.68 billion, accounting for 9.4 percent of the total exports in 2019.

However, agricultural imports rose 3.1 percent to $14.54 billion.

Top exported agricultural commodities include animals or vegetable oils, edible fruits and nuts, tobacco and manufactured tobacco substitutes, preparation of vegetables, fruits, and nuts, fish and crustaceans, and preparation of meat, fish, and other crustaceans.

Completing the major export commodities were preparation of cereals, flour, starch or milk; pastry cooks’ products, gums, resins and other vegetable saps and extracts, miscellaneous edible preparations, and beverages, spirits and vinegar.

On the other hand, major import commodities during the period were cereals, miscellaneous edible preparations, residues and waste from the food industries, prepared animal fodder, dairy produce, and meat and edible meat offals.

Among the ASEAN-member countries, Malaysia was the top destination for export with a 33 percent share valued at $251 million while Vietnam was the top supplier of agricultural products reaching $1.3 billion or a 28 percent share.

The top three major agricultural commodities exported to ASEAN member countries were tobacco and manufactured tobacco substitutes at $277 million, animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes at $117 million and preparations of cereals, flour, starch or milk and pastry cooks’ products at 78 million.

As for exports in EU-member countries which amounted to $1.1 billion, Netherlands was the country’s top trading partner of agricultural commodities with exports reaching $486.13 million and imports amounting to $315.68 million.