The deficit in agricultural goods trade widened 40.3% year on year to $2.55 billion in the first quarter, according to preliminary data from the Philippine Statistics Authority. READ:
Agricultural imports grew 33.4% year on year to $4.50 billion. Exports tallied $1.95 billion, up 25.3%.
Meanwhile, the value of agricultural exports tallied $1.949 billion, accounting for 10% of all exports. The top commodities exported to ASEAN were animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes ; tobacco and manufactured tobacco substitutes , and dairy produce, birds’ eggs, natural honey, and edible products of animal origin, not elsewhere classified .
“The widening gap between agricultural exports and imports is indicative of the country’s struggle to sell agricultural products abroad and to buy agricultural commodities from other countries given the outbreak of the geopolitical tensions in Europe,” Mr. Terosa added.“The next quarter won’t be different from the first quarter of this year.
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