Japan is PH’s strongest agricultural trade partner in Q2
Among the country’s agricultural trade partners, Japan emerged as the country’s strongest agricultural trade partner in the second quarter of the year, according to Philippine Statistics Authority (PSA).
“Among the major trading partners, Japan posted a trade surplus of $153.52 million in the second quarter of 2017, higher by 29.1 percent from the $118.90 million recorded during the same period of 2016,” PSA said.
To recall, the total value of Philippine agricultural trade increased by 2.6 percent in the second quarter of 2017 to $4.011 billion from $3.910 billion in the same period of 2016.
Other major trading partners of the Philippines during the period were Australia with $217.68 million trade deficit; USA with $315.99 million trade deficit; ASEAN with $700.45 million trade deficit and EU with $5.69 million trade deficit
Among the commodity groups, export of animal or vegetable oils and their cleavage products; prepared edible fats; animal or vegetable waxes accounted for the highest share of 24.3 percent and highest Free on Board (FOB) value of $325.25 million. This commodity grew by 34.3 percent from a value of $242.14 million during the same period of 2016.
The bulk of export for this commodity went to the Netherlands comprising 43.2 percent of the total agricultural exports.