World Economy

Philippine Trade Deficit Widens

Philippine Trade Deficit WidensPhilippine Trade Deficit Widens

The foreign trade deficit in the Philippines climbed more-than-expected in August from the previous year, preliminary figures from the Philippine Statistical Authority showed Tuesday, RTT reported. The trade deficit rose to $954 million in August from $373 million in the corresponding month last year. Economists had expected the deficit to increase to $751 million. In July, the shortfall was $1.5 billion. Imports grew 4.1% year-over-year in August, but much slower than the 23% sharp rise in the prior month. Imports of electronic products jumped 68.5% yearly in August and that for medical and pharmaceutical products surged by 98.8%. Meanwhile, imports of mineral fuels, lubricants and related materials tumbled by 49.7%.