The Philippines’ trade in agricultural products in the fourth quarter of 2022 showed a wider deficit of $3.22 billion from the year-earlier period, with cereals accounting for nearly one-fifth of total agricultural imports.
Data from the Philippine Statistics Authority showed the value of agricultural products the country exported in October-December quarter dropped 15 percent to $1.55 billion while imports rose 14 percent to $4.77 billion.
Agricultural trade deficit stood at $2.36 billion in the fourth quarter of 2021.
The deficit in the fourth quarter, however, was narrower compared to the $3.32 billion posted in the third quarter of 2022.
Data showed that the top 10 commodity groups of agricultural imports was valued at $4.06 billion, up 14 percent on year and equivalent to 85 percent of total imports in the fourth quarter of 2022.
Agricultural imports from Southeast Asia amounted to $1.57 billion, or 17 percent of total imports. Indonesia was the main source of imports, accounting for 31 percent of total imports from Southeast Asia.
Among the commodity groups, the top Philippine exports are edible fruit and nuts; peel of citrus fruit melons, valued at $720.9 million, comprised the largest share of 28 percent to the total agricultural exports for the fourth quarter.
