Corn, rice imports fall in Q1
Philippine imports of rice and corn fell in the first quarter of the year despite lower domestic production, an indication that government and the private sector may have built enough inventory in preparation for El Nino.
According to the latest data from the Philippine Statistics Authority, the country’s imports of corn fell by 46 percent to $38 million in the first three months of the year and imports of rice dropped by 17 percent to $92 million.
Imports of unprocessed raw materials including wheat and tobacco were down by almost 40 percent as wheat imports plummeted by almost 44 percent.
Imports of food and live animals for food, however, increased by 7.5 percent to $1.3 billion. Imports of dairy products were down as were imports of fish and fish preparation but imports of fruits and vegetables jumped by almost 50 percent and imports of beverages and tobacco went up by 35 percent.