The Philippines’ total agricultural trade reached $7.36 billion in the fourth quarter of 2024, marking a 17.3 percent increase from the same period in 2023, according to the Philippine Statistics Authority (PSA).
The PSA said that in the fourth quarter of 2024, total agricultural exports reached $2.17 billion or 29.5 percent of the total agricultural trade, while agricultural imports accounted for $5.18 billion or 70.5 percent of the total.
This translated into an agricultural trade deficit of $3.01 billion in the fourth quarter of 2024.
Agricultural exports increased 33 percent to $2.17 billion and accounted for 12.4 percent of the country’s total exports.
Agricultural imports were valued at $5.18 billion, representing a share of 16.0 percent to the country’s total imports in the fourth quarter of 2024. It also registered an increase of 11.6 percent from $4.65 billion worth of agricultural imports in the fourth quarter of 2023.
Despite this growth in trade value, the agriculture, forestry, and fishing sector experienced a 1.8-percent year-on-year decline in production in the same quarter.
The PSA’s report highlighted the country’s efforts to boost agricultural trade, even as domestic production faces challenges.
The increase in trade value suggests a growing demand for agricultural commodities, both for export and import, reflecting the dynamic nature of the Philippines’ agricultural sector.
As the country navigates these developments, stakeholders are closely monitoring the balance between trade and production to ensure sustainable growth in the agricultural industry.