PH’s heavy imports in 2014 widened trade deficit

MANILA, Philippines – The country’s growth in agricultural imports in the first 9 months of 2014 outweighed agricultural exports, leading to a widened trade deficit, data from the Philippine Statistics Authority (PSA) showed.

Agricultural imports reached $6.76 billion the same period, a 16.61% increase year-on-year.

The increase, however, outpaced agricultural exports at $5.26 billion, which grew slower at 11.3% from 2013 earnings.

When combined, this shows that the country’s next agricultural commercial balance stood at a negative P1.5 billion.

According to the PSA, agriculture trade deficit widened by 40.02% in the same period last year.

The PSA noted trade deficits with United States, Australia, and countries within the Association of Southeast Asian Nations (ASEAN) bloc.

Agricultural trade, meanwhile, had a surplus with Japan and European Union (EU) member economies, according to PSA.

The agricultural imports figures accounted for 13.38% of the country’s total import expenditure at $50.53 billion.

Soybean oil and cake meal was the country’s most imported agricultural commodity in the same period, apart from wheat and meslin, and milk products. 

On the other hand, the Philippines’ top exported agricultural commodities were coconut oil, fresh bananas, tuna, pineapple products, tobacco, desiccated coconut, seaweed and carrageenan, copra oil cake, centrifugal sugar, and manufactured tobacco.

Export receipts from these products booked $3.6 billion from $3.3 billion in 2013, up by 9.07% – Rappler.com