Aug trade balance widens as imports surge

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THE Philippines’ trade deficit widened in August as imports rose after two months of decline, Philippine Statistics (PSA) reported on Tuesday.

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Imports surged 10.5 percent year-on-year to $7.92 billion, outpacing the 9.3 percent increase in exports to $5.51 billion.

“This resulted in a deficit in the country’s balance of trade in goods amounting to $2.41 billion in August 2017, higher than the $2.13 billion in August 2016,” the PSA said in a statement.

Trade deficit in the first eight months of 2017, however, narrowed by 2.6 percent to $17.04 billion from $17.50 billion in the year-earlier period.

MAYVELIN U. CARABALLO
MC/NT/MGC

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