Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Agricultural trade deficit widens 40.3%

by
June 23, 2022
in Investing News
0
Agricultural trade deficit widens 40.3%
0
SHARES
13
VIEWS
Share on FacebookShare on Twitter
NEDA

THE DEFICIT in agricultural goods trade widened 40.3% year on year to $2.55 billion in the first quarter, according to preliminary data from the Philippine Statistics Authority.

The fourth quarter 2021 deficit was $2.36 billion.

Agricultural imports grew 33.4% year on year to $4.50 billion. Exports tallied $1.95 billion, up 25.3%.

Total trade in agricultural goods — the sum of exports and imports — grew 30.8% from a year earlier to $6.45 billion.

Cereals were the top first-quarter import at $3.93 billion, or 87.4% of the total.

Agricultural imports from the Association of Southeast Asian Nations (ASEAN) amounted to $1.52 billion or 17.5% of all goods imported. For the first quarter, Indonesia remained the top source of agricultural products with $401.91 million.

The top commodities imported from ASEAN were animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes ($410.15 million), miscellaneous edible preparations ($362.64 million) and cereals ($329.07 million).

Meanwhile, the value of agricultural exports tallied $1.949 billion, accounting for 10% of all exports.

The top export was animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes amounting to $623.32 million, or 32% of all exports.

Agricultural exports to ASEAN amounted to $261.69 million, or 7.5% of all exports to the region. Malaysia was the top destination, accounting for $111.84 million, or 42.7%.

The top commodities exported to ASEAN were animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes ($91 million); tobacco and manufactured tobacco substitutes ($85.14 million), and dairy produce, birds’ eggs, natural honey, and edible products of animal origin, not elsewhere classified ($13.61 million).

The Netherlands was the top European export destination with $328.86 million or 62.3% of all European shipments, while Spain was the top source of such imports with $97.48 million, or 23.9% of the total.

In an e-mail interview, University of Asia and the Pacific Senior Economist Cid L. Terosa attributed the agricultural deficit to “rising agricultural commodity prices worldwide due to supply issues spawned by the Russia-Ukraine war, constricted global markets for agricultural exports, and the depreciating peso,” he said.

“The widening gap between agricultural exports and imports is indicative of the country’s struggle to sell agricultural products abroad and to buy agricultural commodities from other countries given the outbreak of the geopolitical tensions in Europe,” Mr. Terosa added.

Mr. Terosa expects the agricultural trade deficit to continue to expand.

“The next quarter won’t be different from the first quarter of this year. The agricultural trade deficit will continue to widen since supply issues and supply chain disruptions will cause global prices of agricultural commodities to continue to rise, making agricultural imports more expensive,” Mr. Terosa said.

On Wednesday, the peso closed at P54.47, its weakest level since 2005.

Pampanga State Agricultural University Retired Professor Roy S. Kempis said in a text message: “With the rate of import growth outpacing the rate of exports growth, the trade deficit in the second quarter will be even higher.”

However, the disruption in agricultural trade may see more of an effort to produce goods domestically, he said.

“We may see a slowing down of agricultural trade as the country tries to produce more of its cereals especially rice and corn for the livestock, poultry and aquaculture… it is possible that countries that supply these two commodities may suspend or reduce their exports to the Philippines to protect themselves from looming food shortages,” he added.

In April, Indonesia blocked palm oil exports. This was followed by Indian restrictions on sugar and wheat exports. — Mariedel Irish U. Catilogo

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
PEZA calls for agro-industrial, aquamarine ecozones on gov’t land

PEZA calls for agro-industrial, aquamarine ecozones on gov’t land

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Home Credit releases 2021 Sustainability Report

Home Credit releases 2021 Sustainability Report

June 24, 2022
A chance to get up close and personal with Farrales’ couture

A chance to get up close and personal with Farrales’ couture

June 12, 2022
To keep fighting

To keep fighting

June 7, 2022
P&O Ferries owner reports record-breaking profits after mass sacking

P&O Ferries owner reports record-breaking profits after mass sacking

August 19, 2022
PHL lags in ASEAN in first-half vehicle production 

PHL lags in ASEAN in first-half vehicle production 

July 31, 2022
New progressive taxes, belt tightening may help gov’t address ballooning debt

New progressive taxes, belt tightening may help gov’t address ballooning debt

August 7, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.