The Philippine agricultural trade deficit fell to a five-year low in April, the Philippine Statistics Authority (PSA) said on Wednesday, as reported by Philstar Biz. The narrowing of the deficit was attributed to a rebound in farm exports during the month.
According to the PSA, the improvement in the trade balance reflects stronger overseas demand for Philippine agricultural products. The data marks a turnaround from previous months where the deficit had been widening due to higher import costs.
The development is seen as a positive signal for the agriculture sector, which has been struggling with supply chain challenges. A sustained reduction in the trade deficit could help support the country’s overall balance of payments.