The Philippines saw the trade deficit for agricultural goods trade narrowed in May, as exports of farm goods rise and the value of imports declined during the period.
The country’s agricultural trade deficit declined to USD1.02 billion from USD1.22 billion in May 2024, according to data from the Philippine Statistics Authority.
The positive shift comes after a deficit of USD917.3 million in April, indicating a steady improvement in agricultural trade over the past two months.
Agricultural exports in May totaled USD734.42 million, a 19.0 percent increase compared to the USD617.03 million reported in the same period last year. The increase accounted for nearly 30 percent of the total agricultural trade.
Meantime, imports declined 4.8 percent to USD1.75 billion, comprising the majority share at 71 percent.
As a result, the agricultural export sector contributed to 10 percent of the country’s total export revenue for the month.
The top 10 commodity groups led the export surge, contributing USD716.30 million, or 98 percent, to total agricultural export revenue. Among these, edible fruits, nuts, and citrus peel dominated, with exports valued at USD257.99 million, making up 35 percent of total agricultural exports in May.
This growth in agricultural exports, paired with a decline in imports, suggests that the sector is gradually improving its trade balance, offering optimism for the country’s agricultural economy moving forward.
