PSA reports 7.1% drop in agricultural trade year-on-year in 2020

According to the Philippine Statistics Authority (PSA), the value of agricultural trade dropped by 7.1% year-on-year to $18.78 billion in 2020 as both exports and imports declined.

Agricultural exports declined by 7.1% to $6.20 billion and accounted for 9.5% of the country’s total outbound shipments while agricultural imports declined by 7.1% to $12.58 billion and accounted for 14% of the country’s inbound shipments in 2020.

Edible fruits and nuts and peel of citrus fruit melons, which accounted for the largest share or 37.5% of the total exports, were valued at $2.32 billion.

Exports of animal or vegetable fats and oils and their cleavage products were worth $32 million. Preparations of meat, fish or crustaceans, mollusks, and other seafood were valued at $231.49 million while that of vegetables, fruit, nuts, and other plant foods were at $142.40 million.

Cereals were the top imported goods at $2.55 billion. Miscellaneous edible preparations came in second at $1.56 billion, and residues and waste from food industries or prepared animal fodder came in third at $1.43 billion.

The balance of trade in agricultural goods stood at a $6.38 billion gap in 2020, down 7% from $6.85 billion in 2019.

Among ASEAN countries, Malaysia was the top destination of the country’s exports, accounting for 33.8% of the total, or $226.77 million. Vietnam was the major source of imports at 27.4%, or $1.19 billion.

The top agricultural products exported to other ASEAN countries were tobacco and manufactured tobacco substitutes, valued at $230.82 million, animal or vegetable fats and oils and their cleavage products, and prepared edible fats, and animal or vegetable waxes at $126.52 million, and preparations of cereals, flour, starch or milk; pastry cooks’ products at $62.59 million.

Miscellaneous edible preparations were the top agricultural commodity imported from ASEAN countries at $1.09 billion, followed by cereals at $938.76 million, then by animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes at $877.05 million.

The Netherlands was the Philippines’ top trading partner among countries in the European Union, with exports to the country valued at $280.15 million or 20.9% of the $1.04 billion in shipments of agricultural products to the EU last year.

SOURCE: Business World