According to the Philippine Statistics Authority (PSA), the country’s overall agricultural trade in Q1 2024 is recorded at USD 6.07 billion which is higher than 2.6 % compared to the previous year.
According to PSA data, total agricultural commerce fell by 0.8 % and 8.4 % year on year in the fourth and first quarters of 2023.
Agricultural export revenue grew to USD 1.72 billion in the first quarter of 2024, up 10.7% from USD 1.56 billion in the first quarter of 2023.
In the first quarter of 2024, agricultural exports will make up for 9.6 % of total exports.
Meanwhile, agricultural imports fell by 0.3 %yearly.
Moreover, according to the PSA, overall agricultural imports were estimated at USD 4.34 billion, accounting for 14.9% of total imports in the first quarter of 2024. This represents a 0.3% decline from USD 4.36 billion in agricultural imports in the first quarter of 2023.
