The Philippines’ trade deficit narrowed in January from a year earlier, but continued to widen month-on-month as inbound shipment remained higher than the country’s exports, official data showed on Friday.
“The balance of trade in goods (BOT-G) for the Philippines in January 2017 registered a deficit of $2.314 billion, lower than the $2.638 billion trade deficit in the same month last year,” the Philippine Statistics Authority (PSA) said in a statement released with the trade data.
Based on such figures, the trade deficit in January contracted by 12.3 percent from the year-earlier level. But compared with the $2.15 billion trade gap in December, the January balance was wider by 7.2 percent.
Exports in the first month of 2017 surged 22.5 percent year-on-year to $5.13 billion, while imports rose 9.1 percent to $7.44 billion, the PSA said.
MAYVELIN U. CARABALLO