THE balance of trade in agricultural goods in July came in at a deficit of $929.78 million, widening by 4.9% year on year, the Philippine Statistics Authority (PSA) reported.
Two-way trade in farm goods in July was $2.49 billion, up 12.4%, consisting of $1.71 billion worth of imports, up 10.3% year on year, and exports of $779.32 million, up 17.5%, the PSA said.
Topping the list of imported agriculture goods were cereals, meat, and animal and vegetable oils, with the latter posting the strongest growth of 124% year on year.
Vietnam and Indonesia were the top suppliers of agricultural imports, accounting for $194.79 million and $195.57 million respectively. Malaysia supplied goods worth $116.98 million.
The European Union was the top supplier of meat, dairy, eggs, natural honey, and animal feed, with Spain remaining the top source with $39.34 million worth of goods during the month.
Topping the exports of farm goods were edible fruit and nuts, and peels of citrus fruit and melons, with shipments valued at $246.19 million.
The previous top exported farm goods were animal, vegetable, or microbial fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waves, which were valued at $245.48 million in July.
Malaysia was the top importer of Philippine goods within ASEAN, accounting for $23.17 million worth of commodities. Thai imports came in at $13.36 million.
The top 3 commodities exported to ASEAN were tobacco and tobacco substitutes, animal & vegetable fats and oils, and fish, crustaceans, and mollusks.
For Europe, the top exported commodities were animal & vegetable fats, prepared fish, crustaceans, and mollusks, and edible fruits & nuts.
The Netherlands was the top buyer of Philippine farm goods, importing $119.89 million in July, followed by Italy with $44.83 million. — Andre Christopher H. Alampay