The agricultural trade between the Philippines and the rest of the world declined 9.2 percent in 2023 to $24.35 billion, following the strong growth in the previous two years.
Data from the Philippine Statistics Authority showed that agricultural exports decreased 14.3 percent in 2023 to $6.43 billion and represented 26.4 percent of the total agricultural trade. Imports reached $17.92 billion, down by 7.2 percent from 2022 and comprised 73.6 percent of the total farm trade.
The Philippines incurred an agricultural trade deficit of $11.49 billion in 2023, the PSA said.
The top 10 commodity groups in terms of agricultural exports contributed $6.21 billion, making up 96.6 percent of the total agricultural export revenue in 2023. These top 10 groups saw a 14.4-percent annual decrease in export value.
Among these commodity groups, edible fruit and nuts; peel of citrus fruit melons, valued at $1.96 billion, comprised the largest share at 30.4 percent of agricultural exports in 2023.
Farm exports to ASEAN member countries amounted to $735.09 million, accounting for 6.6 percent of the total value of exports to ASEAN.
Malaysia was the top buyer of agricultural exports, purchasing goods worth $214.32 million, representing 29.2 percent of the total value of agricultural exports to ASEAN.
Exports of agricultural goods to EU member countries in 2023 reached $1.17 billion, contributing 13.9 percent to the country’s total value of exports to the EU.
Among the EU member countries, the Netherlands was the top destination for agricultural commodities, importing goods worth $594.23 million, which was 50.9 percent of the total agricultural exports to the EU in 2023.
Meanwhile, the top 10 commodity groups in terms of agricultural imports amounted to $15.14 billion, making up 84.5 percent of the total agricultural import revenue in 2023. These top 10 groups experienced a 9.1-percent annual decrease in import value.
Among the major commodity groups, cereals accounted for the largest share, worth $3.80 billion, or 21.2 percent of the total value of agricultural imports in 2023.
