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.

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