Philippines Trade Deficit at $2.61b

The Philippine trade deficit expanded to $2.61 billion in March as imports continued to outpace exports, the Philippine Statistics Authority reported Wednesday, prompting Economic Planning Secretary Ernesto Pernia to seek government intervention, GMA News reported. The balance of trade in goods expanded to a $2.61 billion deficit in March from $2.10 billion year-on-year, PSA data showed. The country’s total external trade in goods decreased by 3.4% to $13.63 billion, while imports increased by 0.1% to $8.12 billion. The balance of trade in goods has prompted the National Economic and Development Authority to urge the government to intervene in making Philippine exports more attractive to overseas markets. “As evidenced by the slowdown in trade figures of Asia, and even the negative performance of the Philippines, China and India as shown by the latest exports figures, the Philippine government should double its efforts in marketing the country’s export products to international consumers,” Socioeconomic Planning Secretary Ernesto Pernia said.