MANILA – The Philippines incurred a wider trade deficit in June as exports continued to grow slower against higher imports, the Philippine Statistics Authority (PSA) reported.
The country’s balance of trade in goods expanded to a $3.35-billion deficit in June, compared with $1.59 billion a year earlier, data released by the statistics office showed.
Exports declined by 0.1 percent to $5.700 billion from $5.704 billion, while imports soared by 24.2 percent to $9.05 billion from $7.29 billion.
Shipments of mineral products, chemicals, ignition wiring sets, and fresh bananas to foreign buyers declined.
Imports were led by iron and steel, cereals, electronic products, mineral fuels, transport equipment, and miscellaneous manufactured articles.
Also registering increases were imports of plastics, industrial machinery and equipment, telecommunication equipment, and other food and live animals.
The total external trade in goods amounted to $14.75 billion, up 13.5 percent from $12.99 billion year-on-year. (GMA News)