The deficit in the country’s trade of agricultural products continued to widen in 2022 even as the country’s export of farm produce rose at a double-digit pace last year.
Data from the Philippine Statistics Authority showed a yawning deficit of $11.8 billion last year compared with $8.89 billion in 2021 and $6.38 billion in 2020. Agricultural export rose 10 percent last year to $7.5 billion while imports of farm products rose 23 percent to $19.3 billion.
The top 10 agricultural export accounted for $7.25 billion foreign shipments last year, up 12 percent from the previous year.
Animal or vegetable fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes, valued at $2.20 billion, comprised the largest share of 29.3 percent to the total agricultural exports in 2022.
Meantime, the top 10 agricultural imports was valued at $16.67 billion of total overseas purchases last year, up 25 percent. Cereals accounted for the largest share worth $3.98 billion of the total agricultural imports in 2022.
