The Philippines’ trade deficit narrowed in June as imports dropped amid growth in exports, the Philippine Statistics Authority (PSA) reported on Thursday.
“The country’s balance of trade in goods (BoT-G) registered a $2.15 billion deficit in 2017, much lower than the $2.37 billion in June 2016,” the PSA said.
Exports rose by 0.8 percent to $4.91 billion year-on-year while imports eased by 2.5 percent to $7.06 billion.
In the first six months of 2017, the trade deficit expanded by 1.3 percent to $13.17 billion from $12.99 billion a year earlier.
Total merchandise trade reached $11.97 billion in June, down 1.2 percent from a year earlier and the National Economic and Development Authority (NEDA) called for the tapping of new markets following the contraction
Year to date, however, trade grew by 11.2 percent for the first half of 2017.
“We expect Philippine trade to recover as the global economic recovery is seen to be on firmer footing in the second half of the year,” Socioeconomic Planning Secretary Ernesto Pernia said in a statement.