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AGRI TRADE 6.8% TO $4.66 BILLION
- By The Financial District
- Mar 25, 2021
- 2 min read
The Philippine Statistics Authority (PSA) said Wednesday the country's total agricultural trade in the fourth quarter of 2020, worth USD4.66 billion, went down at an annual rate of -6.8 percent.
"This was faster than the previous quarter’s annual decrease of -3.3 percent and the fourth quarter of 2019's annual drop of -0.5 percent," PSA Undersecretary Dennis Mapa said in a PNA report
In the fourth quarter of 2020, agricultural exports were recorded at USD1.47 billion, accounting for 31.5 percent, and imports were at USD3.19 billion. The total balance of trade in agricultural goods was negative USD1.72 billion.
Mapa said the data reflects a deficit, but with an annual increase of 0.1 percent as in the third quarter of 2020, the trade deficit was recorded at 7.9 percent, while the annual rate of the trade deficit in the fourth quarter of 2019 was at -12 percent.
The total value of agricultural exports of the top 10 commodity groups was USD1.41 billion or 95.9 percent of the total agricultural export revenue in the fourth quarter of 2020. The combined export value of these top 10 commodity groups posted an annual decrease of -10.4 percent during the quarter.
Among the commodity groups, edible fruit, and nuts, as well as the peel of citrus fruit melons, valued at USD485.64 million, comprised the largest share of 33.1 percent of the total agricultural exports.
Malaysia, Netherlands top buyers
The country’s agricultural exports to ASEAN member countries in the fourth quarter of 2020 amounted to USD175.01 million, which accounted for 6 percent of the total exports to ASEAN member countries.
Malaysia was the top destination of the country's agricultural exports among the ASEAN member countries.
It bought USD71.6 million or a share of 40.9 percent of the total agricultural exports to ASEAN member countries.
On the other hand, exports of agricultural goods to European Union member countries in the last quarter of 2020 were valued at USD213.31 million, which accounted for 11.5 percent of the country’s total exports to EU member countries.
Among the EU member countries, the Netherlands was the country’s top buyer of agricultural commodities, worth USD 90.57 million or 42.5 percent of the total agricultural exports to EU member countries.
