The Philippines remained a net importer of agricultural products in the third quarter, recording a narrower USD2.97 billion deficit in the trade of farm goods, with Filipino consumers effectively enriching farmers in Australia, the US, and other countries in Southeast Asia.
Data from the Philippine Statistics Authority showed total imports of agricultural products between July and September reach USD4.89 billion, down almost 12 percent from the year-earlier period on lower import of meat and ofal and cereals, including rice. Trade in agricultural products showed the Philippines importing more than it exports to Southeast Asian countries, the US and Australia, resulting in trade deficits of USD1.54 billion, USD500.5 million and USD333.3 million, respectively.
The agricultural trade deficit stood at USD3.32 billion in the third quarter of 2022.
Philippine exports of farm produce in the third quarter, mainly fruits and animal or vegetable fats, was also down 13 percent year-on-year to USD1.61 billion. The Philippines sold the bulk of fruits exports to Japan, which resulted into a trade surplus of USD210.5 million.
The volume of imported cereals in the third quarter was down 11 percent year-on-year to 2.64 million metric tons, with 32 percent coming from Vietnam, the Philippines’ main source of imported rice. Australia and the US accounted for 29 percent and 23 percent, respectively, of cereals imports.
Vietnam accounted for 39 percent of the value of imported cereals, which is down 12 percent to USD969.9 million. Vietnam only bought around USD30 million worth of Philippine agricultural products in the third quarter.
Sugar and sugar confectionery bucked the broader decline in farm product imports, surging both in volume and value in the third quarter. Volume soared 83 percent to 629,990 metric tons while the valued jumped 93 percent to USD358.8 million.
