Agricultural trade drops amid lower imports, exports
In 2023
At A Glance
- The country's value of total agricultural trade declined by 9.2 percent to $24.35 billion last year, according to the Philippine Statistics Authority (PSA).<br>The total balance of trade in agricultural goods had a $11.49-billion shortfall or a 2.9 percent decrease.<br>Agri exports value decreased to $6.43 billion from $7.50 billion as imports declined to $17.92 billion from $19.3 billion.<br>Edible fruits and nuts and cereals remained the biggest agricultural exports and imports, respectively.<br>Among ASEAN countries, Malaysia was still the top destination for exports while Vietnam was the top supplier of agricultural imports.<br>For European countries, the Netherlands was the top destination of agricultural commodities as Spain was the top supplier of the country's agricultural commodities.
The Philippine Statistics Authority (PSA) reported that agricultural trade in the country decreased last year due to a drop in both imports and exports.
Data from the PSA showed that the total agricultural trade amounted to $24.35 billion from January to December 2023, a nine percent decline compared to the previous year's $26.8 billion.
The total balance of trade in agricultural goods was a $11.49-billion shortfall. This manifested a deficit with an annual decrease of 2.6 percent.
Total agricultural exports declined by 14.3 percent to $6.43 billion from $7.50 billion in 2022, with imports also dropping by 7.2 percent to $17.92 billion from $19.3 billion previously recorded.
Edible fruits and nuts led the list of biggest exports in the country as it posted a value of $1.96 billion, comprising 30.4 percent of the total.
Other major exports include animal or vegetable oils; preparations of vegetables, fruits and nuts; tobacco and manufactured tobacco substitutes; and preparation of meat, fish, crustaceans and others.
The country’s agricultural exports to European Union (EU) member countries amounted to $1.17 billion or a share of 13.9 percent of the total exports to EU member countries during the year.
Among EU member countries, the Netherlands was the country’s top destination of agricultural commodities valued at $594.23 million or a share of 50.9 percent of the total agricultural exports to EU member countries.
Animal or vegetable fats and oils commodity group ranked first in terms of exports to EU member countries. Malaysia, on the other hand, accounted for the highest export value among ASEAN member countries.
The country’s agricultural exports to ASEAN member countries last year amounted to $735.09 million or 6.6 percent of the total exports to ASEAN member countries.
Meanwhile, the country’s top agricultural exports include cereals with the largest share of $3.80 billion or 21.2 percent of the total value of agricultural imports. Completing the top five exports were residues and waste from the food industries, miscellaneous edible preparations, meat and edible meat offal, and animal or vegetable fats and oils and their cleavage products, and dairy produce.
Of EU countries, Spain was the country’s top supplier with imports value amounting to $1.57 billion or a share of 20.1 percent of the total exports; while for ASEAN, Vietnam was the leading supplier, contributing $1.94 billion or 30.1 percent share.
Meats and edible meat offal commodity group ranked first in terms of exports to EU member countries as cereals had the highest export value among ASEAN member countries.