Philippine export of agricultural products in the first quarter rose 11 percent year-on-year to USD1.72 billion, helping narrow the country’s deficit in the trade of farm and fishery products during the January-March period.
The Philippine Statistics Authority reported Friday that total trade in the first quarter increased 2.6 percent to USD6.07 billion. With imports down a marginal 0.3 percent to USD4.34 billion and exports up, the trade deficit narrowed to USD2.62 billion from the year-earlier total of USD2.8 billion.
The deficit in the trade of agricultural products in the fourth quarter stood at USD3.02 billion.
Data showed that the top 10 agricultural export products accounted for USD1.66 billion of total shipments in the quarter. The total was up 10 percent.
Exports of edible fruits and nuts as well as peel of citrus fruit or melon combined for total USD517.9 million, up 18 percent from the year-ago quarter. Sale of animal, vegetable and microbial oil and fats as well as waxes increased 22 percent to USD423.3 million.
Cereals, which include rice, led total imports during the quarter at USD1.17 billion. The top 10 agricultural imports accounted for USD3.74 billion of total imports.
Malaysia was the top export market among the Philippines neighbors in Southeast Asia while Netherlands was top export destination for agricultural products in the European Union.
