The Philippines remained a net importer of agricultural products in the first quarter despite an increase in shipments of farm products for abroad.
The Philippines Statistics Authority reported that the trade in agricultural products between January and March showed a deficit of $2.55 billion, albeit narrower than the $3.23 billion in the fourth quarter and the $2.81 billion in the first quarter of 2022.
Exports of farm products in the first quarter rose 25 percent year-on-year to USD1.95 billion while import of agricultural commodities increased 33 percent to USD4.50 billion.
The top 10 agricultural exports, which include tobacco; vegetable oil; preparations of cereals, flour, starch or milk; edible fruits and nuts; and peel of citrus fruit melon, contributed $1.50 billion in the first quarter. Malaysia was the Philippines main export market in Southeast Asia while the Netherlands is the major in the European Union.
Among the major commodity groups, cereals accounted for the largest share worth $916.94 million of the total agricultural imports in the first quarter.
The country’s main imports from its Southeat Asian neighbors are cereals, miscellaneous edible preparations, and animal or vegetable fats and oils. Imports from the European Union are meat and edible meat offal; dairy produce; birds’ eggs; natural honey; edible products of animal origin; and beverages, spirits and vinegar.
