The Philippines continued to experience a significant agricultural trade deficit in the second quarter of 2024, even as agricultural exports saw a double-digit increase. The deficit widened to USD3.07 billion in the second quarter after a trade gap of USD2.62 billion in the first quarter of the year.
Data from the Philippine Statistics Authority showed that agricultural exports at USD1.86 billion in the second quarter, representing 27.4 percent of the country’s agricultural trade. In contrast, agricultural imports amounted to USD4.94 billion, accounting for 72.6 percent of total agricultural trade.
Despite the wider trade deficit, agricultural export revenue increased by 14.7 percent compared to the previous quarter, making up 10.2 percent of the Philippines’ total exports. The top ten agricultural commodity groups contributed USD1.80 billion, or 96.9 percent, to the total export revenue.
Exports to the Association of Southeast Asian Nations reached USD227.24 million, or 8.8 percent of the total exports to ASEAN countries. Malaysia emerged as the largest buyer within ASEAN, importing USD95.22 million worth of agricultural products, or 42 percent of the region’s total.
Edible fruits and nuts, along with citrus fruit peels and melons, were the most significant contributors, valued at USD543.62 million and comprising 29.2 percent of total agricultural exports in the second quarter.
Exports to European Union (EU) member countries amounted to USD358.93 million, with the Netherlands being the top buyer, importing USD179.77 million worth of agricultural goods.
On the import side, the total agricultural imports rose by 14.1 percent to USD4.94 billion, representing 15.5 percent of the Philippines’ total imports for the period. Cereals, primarily rice, dominated the import category with a value of USD1.28 billion.
Among ASEAN countries, Vietnam was the leading supplier, providing USD686.60 million worth of agricultural products. Within the EU, Spain was the top supplier, contributing USD122.27 million in agricultural commodities.
The widening trade deficit underscores ongoing challenges in balancing agricultural trade, despite the increase in export revenue.
