The Philippines remained a net food importer in May, with agricultural imports nearly double its exports, data from the Philippine Statistics Authority (PSA) showed Wednesday.
The Southeast Asian nation recorded an agricultural trade deficit of $1.02 billion in May, driven by substantial rice imports, particularly from Vietnam.
Total agricultural exports reached $734.42 million, accounting for 29.5 percent of the total agricultural trade in May, the PSA said. Agricultural imports stood at $1.75 billion, making up 70.5 percent of the total.
Agricultural exports climbed 19 percent in May and represented 10.1 percent of the country’s total merchandise exports for the month. Top exports included edible fruits and nuts, and peel of citrus fruit or melons, valued at $257.99 million.
Agricultural exports to ASEAN member countries amounted to $63.49 million, with Malaysia being the top buyer at $27.33 million. Tobacco and manufactured tobacco substitutes were the top agricultural exports to ASEAN members.
Exports of agricultural goods to EU member countries reached $151.77 million, with Spain being the top destination at $53.39 million.
Meanwhile, agricultural imports dropped 4.8 percent to $1.75 billion in May. Cereals, including rice, accounted for the largest share at $452 million, or more than a quarter of the total value of agricultural imports during the month.
Agricultural imports from ASEAN member countries amounted to $700.22 million, with Vietnam as the leading supplier.
Agricultural imports from EU member countries amounted to $149.10 million, with Spain as the top supplier. Top agricultural imports from EU members included meat and edible meat offal, dairy produce, and prepared animal fodder.
