THE country’s agricultural trade deficit narrowed in November following a surge in exports, preliminary data released by the Philippine Statistics Authority (PSA) on Friday showed
The $806.34-million shortfall — from exports worth $806.18 million and imports totaling $1.61 billion — fell from $1.01 billion a year earlier and $990.5 million in October.
The agriculture trade total of $2.42 billion was 2.3 percent higher than the $2.36 billion seen a year earlier but was lower compared to October’s $2.54 billion.
Agricultural exports grew by 18.9 percent from $677.9 million a year ago and the expansion also improved from October’s 3.5-percent rise to $777.2 million.
Imports, meanwhile, contracted by 4.4 percent from $1.68 billion in November 2024, but the drop was slightly better than October’s 4.5-percent decline to $1.77 billion.
Animal, vegetable or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes had the largest share of agriculture exports at 36.5 percent or $249.37 million.
Malaysia was the biggest buyer among the Association of Southeast Asian Nations (Asean) member countries, with $16.57 million or a 25.8-percent share of exports to the bloc.
Total agricultural exports to Asean member countries reached $64.20 million.
Tobacco and manufactured tobacco substitutes; products whether or not containing nicotine and intended for inhalation without combustion and other nicotine-containing products were the top export to Asean countries at $30.68 million.
The Netherlands, meanwhile, was the top agricultural export destination in the European Union (EU), accounting for $142.85 million or 62.8 percent of shipments to the EU.
Total agricultural exports to EU member countries reached $227.43 million.
Animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats and animal or vegetable waxes were the biggest export to the EU at $170.70 million.
As for imports, Indonesia was the country’s top supplier of agricultural imports among Asean members, accounting for $209.17 million or 37.8 percent of shipments to the regional grouping.
Total imports from Asean member countries reached $553.03 million.
Animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats, and animal or vegetable waxes were the country’s top import from Asean member countries at $162.98 million.
Spain, meanwhile, was the country’s top source of agricultural imports from the EU, accounting for $38.22 million or 23.4 percent of the country’s total agricultural imports from the bloc.
Agricultural imports from EU countries reached $165.33 million.
Meat and edible meat offal were the country’s top agricultural imports from EU member countries at $45.43 million.
