Philippine trade deficit narrows as imports, exports slowed

The country’s trade deficit narrowed in the first month of the year due to lower imports and exports, data from the Philippine Statistics Authority (PSA) showed on Friday, March 12. The gap in the trade balance, or the difference between the value of export and import, declined by 31 percent in January this year to $2.42 billion from $3.5 billion in the same month last year. The reduction in trade deficit was seen after both imports and exports contracted by 15 percent and 5.2 percent, respectively. The total export sales reached $5.5 billion in January, lower compared with $5.79 billion a year ago. Of the top 10 major exports in terms of value, four recorded annual decreases led by fresh bananas (-46.9 percent), other manufactured goods (-12.8 percent); machinery and transport equipment (-11.9 percent), and coconut oil (-11.7 percent). By commodity group, electronic products continued to be the country’s top export with total earnings of $3.24 billion, accounting for 59.1 percent ...