By The Financial District
Dec 13, 20231 min
The agricultural trade in the Philippines contracted by 12.0% to $6.20 billion in the third quarter compared to the same period a year earlier, according to the Philippine Statistics Authority (PSA).
Agricultural exports during the third quarter declined by 13.3% to $1.61 billion, and imports of farm goods dropped by 11.5% to $4.58 billion.
While this marked an improvement from the 14.8% drop in the second quarter, it was a reversal from the 17.5% growth recorded in the third quarter of the previous year.
Agricultural exports during the third quarter declined by 13.3% to $1.61 billion, and imports of farm goods dropped by 11.5% to $4.58 billion. The agriculture trade balance during this period showed a deficit of P2.97 billion, up from the prior quarter but narrower than the year-earlier deficit of P3.32 billion.
Edible fruits and nuts, along with the peel of citrus fruit melons, constituted the largest share of agriculture exports during the third quarter, amounting to $492.09 million, up from $470.01 million the previous year.