The deficit on the trade of agricultural products narrowed in the fourth quarter as import declined and exports rose, data from the Philippine Statistics Authority showed.
The fourth quarter trade deficit on agricultural products narrow to USD3.02 billion from the USD3.23 billion deficit posted in the same period of 2022.
In the fourth quarter of 2023, total agricultural exports was recorded as a 5 percent increase to USD1.63 billion while imports declined 2.9 percent to USD4.64 billion.
Data showed that the top 10 commodity groups in terms of value of agricultural exports accounted for USD1.56 billion, up 4.7 percent. Edible fruit and nuts and peel of citrus fruit melons was the biggest agricultural exports of the country in the fourth quarter, with export value rising 15 percent to USD501.1 million.
The Philippines’ exports to Southeast Asian countries total USD204.3 million, with Malaysia as the biggest buyer.
The largest imported commodity is cereals that includes rice. Total rice import in the fourth quarter total 2.82 million metric tons valued at USD1.02 billion, up from the 2.64 million metric tons valued at USD924.6 million in the same quarter of 2022. Vietnam, the US and Australia accountedii for a total 1.89 million metric tons of rice imports valued at USD692.2 million.
