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Financial News: Philippine Exports Rise Less Than Expected In April

Philippine Exports Rise Less Than Expected In April

06/09/2017 - 00:27:00 (RTTNews)

(RTTNews) - Philippine exports grew at a slower-than-expected pace in April, while imports fell unexpectedly, preliminary figures from the Philippine Statistical Authority showed Friday.

Exports climbed 12.1 percent year-over-year in April, slower than the 17.8 percent surge expected by economists.

The positive growth was mainly brought about by the significant increases in eight major commodities out of the top ten commodities for the month, the agency said.

Exports of electronic products, accounting for 50.9 percent of total exports, rose by 6.8 percent. Shipments of machinery and transport equipment alone advanced by 50.5 percent.

At the same time, imports edged down 0.1 percent annually in April , while it was expected to expand by 12.6 percent.

As a result, the visible trade deficit of the country narrowed to $2.05 billion in April from $2.58 billion in the corresponding month of 2016. Economists had forecast a shortfall of $2.2 billion for the month.

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