Agri trade contraction narrows in Q4 2023

THE country’s agricultural trade decreased by 0.9 percent to $6.27 billion in the fourth quarter (Q4) of this year compared to the same period last year, the Philippine Statistics Authority (PSA) said.

In its latest report released on Tuesday, the PSA said that the recent figure was slower than the 12-percent annual decrease in the previous quarter.

The country’s total agricultural exports from October-November last year rose to $1.62 billion, a 5.0-percent increase from $1.54 billion a year earlier. Agricultural exports accounted for 25.9 percent of the country’s total trade during the period.

Imports of farm goods, meanwhile, dropped by 2.9 percent to $4.64 billion from $4.7 billion last year; this accounted for 74.1 percent of the country’s total trade.

During the quarter, agriculture trade balance was at a deficit of $3.015 billion, or a 6.6-percent dip from the $3.22 billion of the same period in 2022.

Edible fruits, and nuts and peels of citrus fruit melons accounted for the largest share of agriculture exports during the October-November period at $502.12 million, up by 15.27 percent from the previous year’s $435.59 million.

Animal or vegetable fats and oils, and their cleavage products; prepared edible fats; and animal or vegetable waxes fell by 10.6 percent to $323.73 million from the previous year’s $362.13 million.

Preparations of vegetables, fruit, nuts or other parts of plants was valued at $169.62 million, 8.7 percent higher from the $155.95 million recorded a year earlier.

To round up the country’s top five agricultural exports for the fourth quarter of 2023, shipments of tobacco and manufactured tobacco substitutes reached $135.48 million and preparations of meat, fish and crustaceans, molluscs and other aquatic invertebrates at $117.91 million.

The top 10 commodity groups in terms of value of agricultural exports contributed $1.56 billion or 96.2 percent of the country’s total agricultural export revenue during the quarter.