TRADE in agricultural goods posted a deficit of $11.49 billion last year as both imports and exports fell, data from the Philippine Statistics Authority (PSA) showed.

In a report, the PSA said this represents a 2.6-percent dip from the $11.8 billion posted in 2022. In 2022 and 2021, the total balance of trade registered annual increments of 32.8 percent and 39.4 percent, respectively

Last year, the country's agricultural trade decreased by 9.2 percent to $24.34 billion, a reversal from 2022's 19 percent growth and totaling $26.8 billion.

The country's total agricultural exports last year fell to $6.42 billion, a 14.3-percent decline from $7.49 billion logged in the previous year. Agricultural exports accounted for 8.7 percent of the country's total exports during the period.

Imports of farm goods, likewise, dropped by 7.2 percent to $17.92 billion from $19.3 billion; this accounted for 14.2 percent of the country's total trade.

Edible fruits and nuts and peels of citrus fruit melons accounted for the largest share of agriculture exports during the year at $1.96 billion, up by 2.07 percent from the previous year's $435.59 million.

Animal or vegetable fats and oils and their cleavage products; prepared edible fats; and animal or vegetable waxes fell by 41.25 percent to $1.29 billion from the previous year's $2.2 billion.

Preparations of vegetables, fruit, nuts or other parts of plants were valued at $748.83 million, 9.18 percent lower than the $824.58 million recorded a year earlier.

To round up the country's top five agricultural exports in 2023, shipments of tobacco and manufactured tobacco substitutes totaled $503.97 million, and preparations of meat, fish and crustaceans, mollusks, and other aquatic invertebrates at $456.76 million.

The top 10 commodity groups, in terms of the value of agricultural exports, contributed $6.21 billion or 96.6 percent of the country's total agricultural export revenue last year.

As for agricultural imports, cereals accounted for the biggest share at 21.2 percent and were valued at $3.80 billion, showing a decline of 4.86 percent from $3.98 billion a year earlier.

Residues and waste from food industries and prepared animal fodder followed with $2.22 billion; miscellaneous edible preparations at $1.87 billion; meat and edible meat offal at $1.67 billion; and a total of $1.2 billion for dairy produce, birds' eggs, natural honey, and edible products of animal origin not elsewhere classified.

Among Association of Southeast Asian Nations (Asean) member countries, Malaysia remains the top buyer of the Philippines' agricultural exports valued at $214.32 million.

Meanwhile, the Netherlands was the top trading partner of the Philippines in the exports of farm goods among the European Union with $137.16 million.

The Netherlands was the country's top destination for agricultural commodities valued at $594.23 million among European Union member countries.

As for import value, Vietnam was the leading supplier of agricultural products to the Philippines among Asean member- countries and contributed $1.94 billion or 30.1 percent to the country's total value of agricultural imports.