THE country's agricultural trade deficit increased by 15 percent to P2.72 billion in the second quarter of 2022, the Philippine Statistics Authority (PSA) said.
The higher trade deficit was mainly due to the increased importation of food/agricultural products during the period, Rizal Commercial Banking Corp. chief economist Michael Ricafort told The Manila Times in a message. "[This is] also bloated by higher world prices, such as pork/meat, due to ASF (African swine fever) for the past three years or so, rice, sugar, fish and other food/agricultural products in an effort to increase local supplies and lower prices and overall inflation," he added.
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