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Philippine agriculture contracted 4.53 percent in the first quarter of 2016 due to a prolonged dry spell and damages caused by typhoons in the later part of 2015.
The Philippines and Member States of the European Free Trade Association (EFTA) – Iceland, Liechtenstein, Norway, and Switzerland – signed a comprehensive Free Trade Agreement (FTA) on April 28, 2016.
The U.S. has long been the leading supplier of wines to the Philippines and, since 2009, the Philippines has been the largest U.S. wine market in Southeast Asia in terms of volume.
With increased processing capacity and better weather conditions expected to prevail, sugar production is forecast to climb to 370,000 metric tons in MY16/17 (May-Apr).
After a small decline in MY15/16 (Aug-Jul) because of the drought, cotton production is forecast to more than recover, reaching 207,000 bales (45,000 metric tons) in MY16/17.