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