THE deficit in the agricultural goods trade widened 21.9% year on year in March to $1.17 billion, according to preliminary data from the Philippine Statistics Authority (PSA).
The deficit in March was the highest since the $1.22 billion posted in May 2024.
Agricultural exports in March declined 3.3% year on year to $727.17 million, accounting for 8.9% of total exports. As a share of the $2.62 billion in two-way trade in farm products, exports accounted for 27.73%.
Imports of agricultural commodities in March surged 10.8% year on year to $1.9 billion, accounting for 14.9% of overall imports.
Two-way agricultural trade in March grew 6.5% year on year.
The PSA said exports of edible fruit and nuts, including peels of citrus fruit and melons, grew 14.9% year on year to $231.24 million in March, accounting for 31.8% of agricultural exports.
Exports of animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes declined 24.7% year on year to $200.9 million in March, accounting for 27.6% of agricultural exports.
Agricultural shipments to the Association of Southeast Asian Nations (ASEAN) in March hit $56.6 million, with top buyer Malaysia accounting for $16.56 million or 29.26% of the total.
Exports to the Netherlands, the Philippines’ top destination for agricultural commodities in the European Union (EU), amounted to $102.77 million or 56.69% of Philippine agricultural exports to the region.
Among the major commodity groups, cereals accounted for the largest share of agricultural imports in March, totaling $457.06 million or 24.1%. Inbound shipments of cereals, which include staple grains such as rice and corn, surged 39.4% year on year.
Vietnam was the leading supplier of agricultural products to the Philippines within ASEAN, accounting for $208.52 million or 27.88% of farm imports from the region.
The top agricultural goods imported from ASEAN were cereals; animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes.
Within the EU, Spain remains the Philippines’ top supplier of agricultural commodities, with imports valued at $18.37 million, or 18.18% of shipments from the region.
The top agricultural commodities from the EU were dairy produce, eggs, natural honey, edible products of animal origin; and meat and edible meat offal. — Vonn Andrei E. Villamiel
