28.8 C
Monday, April 6, 2020
Home Business Top Business Agriculture trade slightly down to $5.09B in Q2

Agriculture trade slightly down to $5.09B in Q2

THE Philippines’ total agricultural trade reached $5.09 billion in the second quarter (Q2) of 2019, slightly lower than the $5.091 billion recorded in the same period last year, according to the Philippine Statistics Authority (PSA).

The statistics agency said total agricultural exports went up, while imports decreased during the April-to-June period.

Total agricultural export revenue was pegged at $1.74 billion, a 10.5-percent increase from $1.57 billion in the second quarter of 2018. Its total share to exports rose by 0.8 percent.

The country’s total export revenue for all commodities amounted to $17.80 billion, up 1.8 percent from last year’s $17.49 billion.

On the other hand, agricultural imports showed a 4.7-percent decline to $3.35 billion from $3.52 billion. The share of agricultural imports to total imports, which was at $28.32 billion, declined by 0.2 percent during the period.

PSA said Japan posted a trade surplus of $272.42 million among the Philippines’ major trading partners.

However, trade deficits were showed in other major trading partners including Australia with $299.03 million, the United States with $423.35 million, Association of Southeast Asian Nations (Asean) members with $964.28 million, and European Union member-states with $127.65 million, the agency said.

Topping the agricultural commodity export value were edible fruits and nuts, and peel of citrus fruit melons, which accounted for the largest share of 40 percent, valued at $693.89 million.

Coming in second was the animal or vegetable oils and their cleavage products, prepared edible fats, and animal or vegetable waxes with 17.3 percent share to total agricultural exports or a value of $300.75 million.

This was followed by preparation of vegetables, fruits, nuts or other parts of plants valued at $135.40 million or a 7.4-percent share to total agricultural exports.

For imports, cereals accounted for the largest share of 21 percent valued at $703.67 million, with the US as the major buyer of the commodity.

According to PSA, Malaysia and Vietnam were the Philippines’ top trading partners among Asean member-states during the second quarter of 2019.

Major agricultural commodities exported to Asean member-states were tobacco and manufactured tobacco substitutes ($65.26 million), animal or vegetable fats and oils and their cleavage products, prepared edible fats and animal or vegetable waxes ($43.83 million).

Iza Calzado grateful to be alive

ABS-CBN actress Iza Calzado opened up for the first time on social media after beating the coronavirus disease (Covid-19). On Monday, Calzado thanked the public...

Glimmer of hope in virus-hit Europe as US girds for ‘horrific’ weeks

LONDON: European nations most ravaged by the new coronavirus on Sunday reported encouraging signs in their fight against the deadly pandemic, as the United...

Bronx zoo tiger tests positive for coronavirus

NEW YORK: A tiger at New York's Bronx Zoo has tested positive for Covid-19, the institution said Sunday, and is believed to have contracted...

Ecuador city runs out of coffins amid COVID-19 crisis

QUITO: Soaring numbers of Covid-19 deaths in Ecuador's second city Guayaquil have led to a shortage of coffins, forcing locals to resort to using...

UK PM in hospital as Queen says united effort will defeat virus

LONDON: British Prime Minister Boris Johnson was taken to hospital on Sunday after failing to shake off coronavirus symptoms, as Queen Elizabeth II said...

Today's Front Page