Cost of Living

Agricultural trade deficit widens amid export decline and import surge

The Philippines' agricultural trade deficit widened 2.2% year-on-year to $1.03 billion in January, driven by declining agricultural exports (-1.3%) and rising imports (+0.7%), with cereal imports surging 25.5% following the resumption of rice imports. The widening deficit reflects supply chain vulnerabilities and dependency on agricultural imports, particularly from Vietnam and other ASEAN suppliers, which may contribute to domestic food price pressures and cost of living concerns.