In March 2026, the Philippines' agricultural trade deficit widened by 21.9% year-on-year to $1.17 billion, the highest since May 2024, driven by a surge in imports despite declining exports, according to preliminary data from the Philippine Statistics Authority (PSA). Agricultural exports fell 3.3% to $727.17 million, making up 8.9% of total exports, while imports rose 10.8% to $1.9 billion, accounting for 14.9% of overall imports. Total two-way agricultural trade grew 6.5% to $2.62 billion. Export growth was led by edible fruit and nuts, up 14.9% to $231.24 million, offset by a 24.7% decline in fats and oils exports. Major destinations included ASEAN, with Malaysia as the top buyer, and the EU, led by the Netherlands. Cereals were the largest import category, surging 39.4% year-on-year, with Vietnam and Spain as key suppliers from ASEAN and the EU respectively.