The Philippines’ agricultural trade in the first quarter of 2024 reached $6.07 billion, an increase of 2.6 percent from the same period in 2023, the Philippine Statistics Authority said Friday.
This followed annual declines of 0.8 percent in the fourth quarter of 2023 and 8.4 percent in the first quarter of 2023.
Agricultural exports totaled $1.72 billion in the first quarter of 2024, representing 28.4 percent of the total agricultural trade, while imports accounted for $4.34 billion, or 71.6 percent.
The first quarter of 2024 saw a trade deficit in agricultural goods of $2.62 billion. This decreased by 6.5 percent year-on-year, following a 6.6-percent decline in the fourth quarter of 2023. However, the deficit in the first quarter of 2023 showed a 9.8-percent annual increase.
The Philippines’ agricultural export revenue grew 10.7 percent to $1.72 billion in the first quarter of 2024 from $1.56 billion in the first quarter of 2023. Agricultural exports accounted for 9.6 percent of the country’s total exports during this period.
The top 10 commodity groups contributed $1.66 billion, or 96.5 percent, to the total agricultural export revenue in the first quarter of 2024. The combined value of these top exports increased by 10.3 percent year-over-year.
Edible fruit and nuts, including citrus fruit peels and melons, were the leading agricultural export category, valued at $517.96 million and comprising 30.1 percent of the total in the first quarter of 2024. Cereals were the leading import category, valued at $1.17 billion, representing 27.0 percent of the total agricultural import value in the first quarter of 2024.
Agricultural exports to the Association of Southeast Asian Nations (ASEAN) reached $222.30 million in the first quarter of 2024, accounting for 8.2 percent of total exports to ASEAN countries. Malaysia was the top buyer within ASEAN, importing $75.72 million worth of agricultural goods, or 34.1 percent of the total exports to the region during this quarter.
The Philippines exported $317.32 million worth of agricultural goods to EU member countries in the first quarter of 2024, contributing 14.9 percent to the total value of exports to the EU. Within the EU, the Netherlands was again the top destination, receiving $150.04 million worth of agricultural commodities, or 47.3 percent of the total agricultural exports to the EU for this quarter.