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Financial News: Philippine Trade Surplus Fall In August

Philippine Trade Surplus Fall In August

10/09/2020 - 02:33:00 (RTTNews)

(RTTNews) - The Philippine trade surplus decreased in August from the last year amid declines in both exports and imports, the Philippine Statistics Authority showed on Friday.

Exports declined 18.6 percent yearly in August, following a 9.1 percent decrease seen in July. This was the sixth consecutive fall.

Imports fell 22.6 percent annually in August, following a 23.8 percent drop in the previous month.

The trade surplus decreased to $2.075 billion in August from $3.00 billion in the same period last year. In July, the deficit was $1.859 billion.

Among major commodity groups, gold showed the biggest fall in exports value, down by 31.3 percent. Exports of electronic products and fresh bananas fell by 20.1 percent and 19.4 percent, respectively.

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