PH posted over $3-b in agricultural trade deficit in second quarter

The Philippines’ agricultural trade deficit widened by 13.8 percent year-on-year to $3.07 billion in the second quarter of 2024, the Philippine Statistics Authority (PSA) said Tuesday.

Data show that agricultural exports amounted to $1.86 billion, while agricultural imports reached $4.94 billion in the second quarter. Total agricultural trade hit $6.80 billion in the quarter, up by 14.3 percent from a year ago.

The PSA said agricultural export revenue climbed 14.7 percent in the second quarter from $1.62 billion a year ago. Agricultural exports accounted for 10.2 percent of the total Philippines exports.

Among the commodity groups, edible fruit and nuts; peel of citrus fruit or melons amounted to $543.62 million, representing 29.2 percent of the total agricultural exports in the second quarter.

Agricultural exports to ASEAN member countries in the second quarter amounted to $227.24 million, which accounted for 8.8 percent of the total value of exports to ASEAN member countries. Among the ASEAN member countries, Malaysia was the top buyer of agricultural exports worth $95.22 million.

Exports of agricultural goods to EU member countries in the second quarter hit $358.93 million, which contributed 18.6 percent to the country’s total value of exports to EU member countries. Among the EU member countries, Netherlands was the country’s top destination of agricultural commodities worth $179.77 million.

Meanwhile, agricultural imports rose 14.1 percent in the second quarter to $4.94 billion. Cereals accounted for the largest share worth $1.28 billion or 26.0 percent of the total value of agricultural imports in the second quarter.

Agricultural imports from ASEAN member countries in the second quarter amounted to $1.86 billion or 19.9 percent. In terms of value, Vietnam was the leading supplier of agricultural products to the Philippines among ASEAN member countries, contributing $686.60 million.

Agricultural imports from EU member countries amounted to $450.29 million. Among EU member countries, Spain was the country’s top supplier of agricultural commodities with an import value of $122.27 million.