Philippines' Agricultural Trade Deficit Widens to $1.06 Billion

MANILA, Philippines — The country’s agricultural trade deficit widened in June, as higher farm imports outpaced exports, according to the Philippine Statistics Authority (PSA). The country’s agricultural trade balance incurred a $1.06-billion deficit in June, a 30-percent increase from the $813.16 million gap posted in the same month last year, PSA data showed. The higher farm goods deficit in June reversed the 5.2-percent decline recorded last year and accelerated from the 1.2-percent increase in May 2026. The country’s total agricultural trade amounted to $2.47 billion in June, an 8.5-percent increase from last year due to higher imports during the month. Agricultural imports made up 71.4 percent of total farm trade in June, while exports accounted for 28.6 percent. The PSA reported that imports of agricultural goods rose by 14.3 percent to $1.77 billion from $1.55 billion in the same month last year, accounting for 12.9 percent of the country’s total imports. The Philippines’ top 10 farm imports reached $1.49 billion in June, a 17.2-percent increase in value from last year. It made up about 84.6 percent of all agricultural imports. Cereals accounted for the largest share worth $441.93 million or 25 percent of the total imported commodities. Among the country’s major trading partners, Vietnam was the top supplier for agricultural goods within the ASEAN region, valued at $221.72 million. ASEAN imports reached $708.76 million in June. Spain remained a top source for farm goods for the Philippines among European Union countries, amounting to $22.65 million. Imports from EU countries reached $130.23 million. Meanwhile, the country’s export of farm products declined by 3.6 percent in June to $706.92 million. This was the lowest export value in 16 months since the $700.35 million logged in February of last year, the PSA said. The value of agricultural exports accounted for 8.1 percent of the country’s total exports in June. The top 10 exported commodities in June accounted for 97 percent of the country’s agricultural export receipts, valued at $686.02 million, a 3.7-percent increase from last year. The top exported products were animal, vegetable or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes, valued at $686.02 million. The Philippines’ exports to ASEAN countries amounted to $72.87 million in May, with Malaysia as the country’s top buyer valued at $30.5 million. Exports to EU member-states reached $195.96 million in June. The Netherlands saw the highest exports of Philippine goods, with trade amounting to $130.9 million. Source: Philstar Business