Philippine Agricultural Exports Plunge 26.1% in August; Two-Way Farm Trade Hits Lowest Since July 2024
Key Takeaways
- •Philippine agricultural exports declined 26.1% year on year in August to $554.70 million, dragging total farm trade to $2.22 billion, the lowest since July 2024.
- •Edible fruit and nuts led export revenue at $211.99 million, or 38.2% of the total, while fats and oils added $135.74 million, and the top 10 commodity groups accounted for 97.2% of farm export earnings.
- •Agricultural imports slipped 0.6% to $1.67 billion, roughly three times the value of exports, producing a monthly farm trade deficit of about $1.1 billion, with cereals the largest import category at $416.68 million.
- •Malaysia and the Netherlands were the leading buyers of Philippine farm goods in ASEAN and the EU at $27.82 million and $36.70 million respectively, while Indonesia and Spain topped supplies from those blocs at $194.55 million and $30.69 million.
- •The next monthly PSA release will indicate whether August's export contraction persisted into September.
Philippine agricultural exports dropped 26.1% year on year in August to $554.70 million, dragging total two-way farm trade down to $2.22 billion — the lowest level since July 2024 — according to the Philippine Statistics Authority (PSA).
Farm exports made up 6.1% of the Philippines' overall export bill for the month, a modest share of the country's total export revenue.
Edible fruit and nuts remained the country's leading agricultural export commodity group, generating $211.99 million in revenue, or 38.2% of the total. Animal, vegetable, or microbial fats and oils followed with $135.74 million — together, the two groups accounted for more than three-fifths of August's farm export revenue.
The top 10 commodity groups accounted for $539.11 million, or 97.2% of total agricultural export revenue, a level of concentration that leaves the sector's trade performance tied to the movement of just a handful of categories. Combined revenue from these groups fell 26.5% year on year in August, marginally steeper than the overall 26.1% export decline.
On the import side, agricultural purchases slipped 0.6% year on year to $1.67 billion, representing 12.9% of total imports. That figure is roughly three times the value of August's farm exports, leaving the country's agricultural trade running at a monthly shortfall of about $1.1 billion. Cereals — a group that spans staples such as wheat, rice and corn — accounted for the largest share of agricultural imports, valued at $416.68 million, or 25% of overall farm imports.
Among export destinations, the Association of Southeast Asian Nations (ASEAN) purchased $67.15 million worth of Philippine farm goods. Malaysia was the region's biggest buyer at $27.82 million, or 41.4% of the ASEAN total. Animal, vegetable, or microbial fats and oils were the top agricultural exports to the bloc, totaling $18.49 million during the period.
The European Union (EU) bought $65.50 million in Philippine farm exports. The Netherlands led purchases among EU members at $36.70 million, accounting for 56% of Philippine farm exports to the bloc, with animal, vegetable, or microbial fats and oils again the top category, valued at $31.23 million.
Within ASEAN, Indonesia was the Philippines' largest supplier of agricultural goods, shipping $194.55 million, or 34.4% of the total. Animal, vegetable, or microbial fats and oils were the primary commodity group sourced from the region, totaling $146.75 million.
Spain was the leading EU supplier, providing $30.69 million, or 22.7% of imports from the bloc. Dairy products, birds' eggs, natural honey, and other edible animal products topped imports from the EU, with a combined value of $37.40 million.
The next monthly PSA release will show whether August's export contraction extended into September.
The PSA compiles the monthly agricultural trade statistics from official import and export documents, with values reported in US dollars.
— with a report from Moureen Ylessandra B. Dizon
Source: BusinessWorld
