Agricultural trade deficit widens to 2-year high in March

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May 6, 2026 | 12:00am

Import value highest since 2000

MANILA, Philippines — The country’s agricultural trade deficit widened to a two-year high of $1.17 billion in March as imports further grew while farm exports declined.

Latest data from the Philippine Statistics Authority (PSA) showed the gap in March increased by 21.9 percent from $958.21 million recorded in the same month last year.

“The total balance of trade in agricultural goods in March 2026 was the highest deficit recorded since May 2024 with $1.22 billion,” the PSA said.

The trade deficit for farm goods saw a year-on-year increase of two percent in February 2026 and 9.9 percent in March last year.

The country’s total agricultural trade reached $2.62 billion, a 6.5 percent increase from $2.46 billion in March last year. This was the highest recorded since the $2.63 billion in September 2025.

Imports accounted for the majority of the country’s agricultural trade at 72.3 percent while the remaining 27.7 percent were from exports.

The PSA said agri imports increased by 10.8 percent to $1.9 billion in March from $1.79 billion in the same month last year. It accounted for 14.9 percent of all imports.

“The March 2026 agricultural import value was the highest recorded since the series began in 2000,” it added.

Agricultural exports, on the other hand, declined by 3.3 percent to a three-month low of $727.17 million from $752.33 million in 2025. Farm exports made up 8.9 percent of the country’s total exports.

The PSA said the top 10 commodity groups exported in March accounted for 97.4 percent or $708.57 million of the total agricultural export receipt. Exports logged a three-percent decline from last year.

“Among the commodity groups, edible fruit and nuts; peel of citrus fruit or melons, which was valued at $231.24 million, comprised the largest share of 31.8 percent to the total agricultural exports in March 2026,” it said.

Meanwhile, the top 10 agricultural imports to the Philippines amounted $1.65 billion, a 17.6 percent increase from the prior year, making up 86.9 percent of the total agricultural imports for March. Cereals accounted for 24.1 percent with a value of $457.06 million.