Six and half months into the health crisis, all economic sectors and ecosystems, the very fabric of our daily lives, have been affected adversely. Moving forward to a new normal arrangement, however, entails the crafting of a roadmap for economic recovery and, in particular, industry-specific plans, e.g. agricultural recovery policies.
A fundamental aspect in agriculture that impinges upon farmers, workers, and agribusinesses is trade policy. According to the Philippine Statistics Authority, the Philippine Balance of Trade in Agricultural Goods stands at a deficit of $1,187.56 million, where our Agricultural Exports stand at $1,606.65 million while our Agricultural Imports stand at $2,794.21 million as of the First Quarter 2020.
Philippine agricultural trade performance vis-à-vis our ASEAN neighbors showed that the overwhelming source of our trade deficit was with our neighbors. Totalling to $869.65 million, the largest deficits are with Vietnam ($260.54 million), Indonesia ($223.83 million), Malaysia ($154.29 million), and Singapore