The country’s agricultural trade deficit narrowed in 2023 to USD11.49 billion as the both exports and imports of farm products decreased, data from the Philippine Statistics Authority showed.
A wider deficit in the trade of agricultural products was reported at USD11.8 billion in 2022 when imports surged 23 percent to USD19.3 billion. It was a narrower trade gap of USD8.89 billion in 2021 because exports rose 10 percent to USD6.82 billion.
Earnings from the export of farm products last year total USD6.43 billion, down 14 percent.
The top 10 farm commodities exported last year accounted for 97 percent of total, or USD6.21 billion, down 14 percent from the level in 2022. Among the commodity groups, edible fruit and nuts; peel of citrus fruit melons, which was valued at USD1.96 billion, comprised the largest share of 30 percent to the total agricultural exports in 2023
Import of agricultural products was lower by 7.2 percent to USD17.92 billion, with the top 10 imports accounted for 85 percent of total even if their combined value declined 9.1 percent to USD15.14 billion.
Among the major commodity groups, cereals, which included rice, accounted for the largest share worth USD3.80 billion, equivalent to 21 percent of the total value. Vietnam was the leading supplier of farm products last year due mainly to rice shipments to the country.
