Philippine imports in June slowed from May this year and from June 2015, but the country’s trade deficit widened further as inbound shipments continued to outpace exports during the month in review, data from the government showed on Thursday.
Inbound shipments in June grew 15.4 percent from a year earlier to $6.85 billion, surpassing exports valued at $4.75 billion, data from the Philippine Statistics Authority (PSA) showed.
With this, the PSA said: “The balance of trade in goods (BOT-G) for the Philippines in June 2016 registered a deficit of $2.098 billion, higher than the $576.80 million trade deficit in the same month last year.”
The 15.4 percent rate of growth in imports in June marks a sharp slowdown from the 39.3 percent increase in May and from 23 percent in the year-earlier period.
Cumulative imports for the first half of 2016 rose 17.7 percent to $38.74 billion from $32.91 billion during the same period a year ago, bringing the year-to-date trade deficit to $11.91 billion, tripling the $3.91 billion gap recorded at end-June 2015.