PH food imports grow by 25% in February, rice imports up 211%
Philippine food imports jumped by 25 percent in February to $485.1 million, due in part to higher costs resulting from the depreciation of the peso. The peso averaged at P49.96 against the dollar in February 2017 compared to P47.56 in February 2016.
According to data from the Philippine Statistics Authority, rice imports soared by 211 percent in February to $69.4 million from $22.3 million a year ago.
Dairy imports expanded by 44 percent to $90.2 million while fish and fish preparation shipments grew by 46 percent to $37.7 million.
Fruit and vegetable imports, meanwhile, dropped by three percent to $48.5 million.
Imports of beverages and tobacco grew by 18 percent to $16.2 million.