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Financial News: Philippine Trade Deficit Widens In February

Philippine Trade Deficit Widens In February

04/11/2018 - 00:26:00 (RTTNews)

(RTTNews) - Philippine foreign trade gap widened notably in February from a year ago, as exports fell and imports surge, preliminary figures from the Philippine Statistical Authority showed Wednesday.

The trade deficit rose to $3.06 billion in February from $1.77 billion in the corresponding month last year. The expected shortfall for the month was $3.3 billion.

Exports decreased 1.8 percent year-over-year in February, confounding economists' forecast for an increase of 3.1 percent.

Shipments of electronic products, accounting for 55.4 percent of total exports, advanced by 4.6 percent.

Imports registered a double-digit growth of 18.6 percent in February from a year ago, slower than the expected spike of 14.4 percent.

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