PSA records positive growth in agri trade for Q1

The Philippine Statistics Authority (PSA) has recorded positive growth in the country’s total agricultural trade in Q1 of 2021.

The total agriculture trade for the months of January to March amounted to $4.92 billion, an increase of 5.5% at an annual rate.

By contrast, trade in the fourth quarter of 2020 recorded an annual decline of -89.5%, while in the first quarter of 2020, trade decreased by -89.3%. During the first quarter of 2021, agricultural exports and imports were recorded at $1.55 billion (31.5%), and $3.37 billion (68.5%), respectively.

The Department of Agriculture (DA) hopes these figures will be reflected for the rest of the year as the country bolsters its defenses against COVID-19 and persists through the challenges that come along with it.

“We can see that despite the mobility restrictions, there are already positive yields in our sector. This implies that the agriculture industry is slowly gaining its energy and now contributing bigger to the economy,” said Noel Reyes, Department of Agriculture spokesperson.

The country’s agricultural exports to ASEAN member countries in the first quarter of 2021 amounted to $201.51 million which accounted for almost 7.0% of the total exports to the region.

Among the ASEAN member countries, Malaysia was the top buyer of agricultural exports worth $61.87 million or 30.7% of the total agricultural exports.

Meanwhile, the Philippines’ exports of agricultural goods to European Union member countries in the Q1 of 2021 amounted to $298.27 million or 14.2% of the country’s total exports to EU member countries.

Among the EU countries, Netherlands was the country’s top destination of agricultural commodities worth $120.51 million or 40.4% of the total agricultural exports to EU member countries.

SOURCE: PNA