A. Total Agricultural Trade
1. Total agricultural trade increased by 17.3 percent
The country’s total agricultural trade in the fourth quarter of 2024, which amounted to USD 7.36 billion, posted an annual increase of 17.3 percent. In the third quarter of 2024, the total agricultural trade recorded an annual increase of 12.1 percent, while an annual decrease of 0.8 percent was registered in the fourth quarter of 2023.
In the fourth quarter of 2024, total agricultural exports was recorded at USD 2.17 billion or 29.5 percent share to the total agricultural trade, while agricultural imports accounted for USD 5.18 billion or 70.5 percent of the total agricultural trade. (Figure 1, and Tables A and 1)
2. Agricultural trade balance decreased by 0.1 percent
In the fourth quarter of 2024, the total balance of trade in agricultural goods was recorded at USD -3.01 billion, which reflects a deficit with an annual decrement of 0.1 percent. In the third quarter of 2024, the trade deficit registered an annual increase of 1.6 percent, while an annual decrease of 6.6 percent was recorded in the fourth quarter of 2023. (Tables A and 1)
B. Agricultural Exports
1. Agricultural exports grew by 33.3 percent
The country’s agricultural export revenue increased to USD 2.17 billion in the fourth quarter of 2024. This indicates an annual increment of 33.3 percent from the USD 1.63 billion agricultural export revenue in the fourth quarter of 2023. The fourth quarter of 2024 value of agricultural exports accounted for 12.4 percent of the country’s total exports. (Figure 2, and Tables A and 1)
2. Animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group accounted for the largest share to the total agricultural exports
The top 10 commodity groups in terms of value of agricultural exports contributed USD 2.12 billion or 97.6 percent to the total agricultural export revenue in the fourth quarter of 2024. The combined agricultural export value of these top 10 commodity groups posted an annual increase of 35.7 percent during the quarter.
Among the commodity groups, animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes, which was valued at USD 779.20 million, comprised the largest share of 35.9 percent to the total agricultural exports in the fourth quarter of 2024. (Figure 3 and Table 3)
3. Malaysia led as a trading partner in agricultural exports among Association of Southeast Asian Nations (ASEAN) member countries
The country’s agricultural exports to ASEAN member countries in the fourth quarter of 2024 amounted to USD 365.51 million, which accounted for 12.3 percent of the total value of exports to ASEAN member countries. Among the ASEAN member countries, Malaysia was the top buyer of agricultural exports worth USD 163.78 million or a share of 44.8 percent to the total value of agricultural exports to ASEAN member countries in the fourth quarter of 2024. (Figure 4 and Table 7)
4. Animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group was the top agricultural exports to ASEAN member countries
The top three major agricultural commodities exported to ASEAN member countries in the fourth quarter of 2024 were:
a. animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes, USD 203.89 million;
b. tobacco and manufactured tobacco substitutes; products, whether or not containing nicotine, intended for inhalation without combustion; other nicotine containing products intended for the intake of nicotine into the human body, USD 74.88 million; and
c. edible fruit and nuts; peel of citrus fruit or melons, USD 18.58 million. (Table 7)
5. Netherlands was the country’s major trading partner in the exports of agricultural goods among European Union (EU) member countries
Exports of agricultural goods to EU member countries in the fourth quarter of 2024 reached USD 445.27 million, which contributed 24.0 percent to the country’s total value of exports to EU member countries.
Among the EU member countries, Netherlands was the country’s top destination of agricultural commodities worth USD 273.23 million or 61.4 percent of the total agricultural exports to EU member countries for this quarter of 2024. (Figure 5 and Table 9)
6. Animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes commodity group was the top agricultural exports to EU member countries
The top three major agricultural commodities exported to EU member countries in the fourth quarter of 2024 were:
a. animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes, USD 298.75 million;
b. preparations of meat, of fish, of crustaceans, molluscs or other aquatic invertebrates or of insects, USD 59.56 million; and
c. preparations of vegetables, fruit, nuts or other parts of plants, USD 23.57 million. (Table 9)
C. Agricultural Imports
1. Agricultural imports grew annually by 11.6 percent
The total agricultural imports was valued at USD 5.18 billion, representing a share of 16.0 percent to the country’s total imports in the fourth quarter of 2024. It registered an increase of 11.6 percent from the USD 4.65 billion worth of agricultural imports in the fourth quarter of 2023. (Figure 6, and Tables A and 1).
2. Cereals commodity group accounted for the highest value of agricultural imports
The top 10 commodity groups in terms of value of agricultural imports amounted to USD 4.37 billion or 84.2 percent of the total agricultural import revenue in the fourth quarter of 2024. The combined agricultural import value of these top 10 commodity groups posted an annual increase of 13.0 percent during the fourth quarter of 2024 relative to its value in the same quarter of 2023.
Among the major commodity groups, cereals accounted for the largest share worth USD 1.26 billion or 24.4 percent of the total value of agricultural imports in the fourth quarter of 2024. (Figure 7 and Table 5)
3. Vietnam reported the highest agricultural import value among ASEAN member countries
The country’s agricultural imports from ASEAN member countries in the fourth quarter of 2024 amounted to USD 2.16 billion or 24.1 percent of the country’s total imports from ASEAN member countries. In terms of value, Vietnam was the leading supplier of agricultural products to the Philippines among ASEAN member countries. It contributed USD 706.83 million or 32.7 percent to the country’s total value of agricultural imports from ASEAN member countries in the fourth quarter of 2024. (Figure 8 and Table 8)
4. Cereals commodity group was the top imported agricultural commodity from ASEAN member countries
The top three imported agricultural goods from ASEAN member countries in the fourth quarter of 2024 were:
a. cereals, USD 679.14 million;
b. miscellaneous edible preparations, USD 388.43 million; and
c. animal, vegetable, or microbial fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes, USD 382.43 million. (Table 8)
5. Spain led EU member countries in agricultural imports
The country’s agricultural imports from EU member countries amounted to USD 396.97 million or a share of 22.7 percent to the total value of imports from EU member countries in the fourth quarter of 2024. Among EU member countries, Spain was the country’s top supplier of agricultural commodities with an import value of USD 94.78 million or a share of 23.9 percent to the country’s total value of agricultural imports from EU member countries. (Figure 9 and Table 10)
6. Meat and edible meat offal commodity group topped agricultural imports from EU member countries
The top three agricultural commodities imported from EU member countries in the fourth quarter of 2024 were:
a. meat and edible meat offal, USD 112.98 million;
b. dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included, USD 84.81 million; and
c. residues and waste from the food industries; prepared animal fodder, USD 44.82 million. (Table 10)
DIVINA GRACIA L. DEL PRADO, PhD
Assistant Secretary
Deputy National Statistician
Sectoral Statistics Office
