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Agri trade gap widened by 15% in Q2

The trade deficit in agricultural goods widened in the second quarter as the Philippines continued to rely on importation to boost domestic supply and reduce prices.

In a report, the Philippine Statistics Authority (PSA) said agricultural trade deficit hit $2.72 billion during the quarter, up 15 percent compared to April to June last year.

“The agricultural trade deficit of the country may have to do with increased importation of food/agricultural products, [which] was also bloated by higher world market prices, such as pork/meat, rice, sugar, fish, and other food/agricultural products in an effort to increase local supplies and lower prices and overall inflation,” Rizal Commercial…

Keep on reading: Agri trade gap widened by 15% in Q2

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