THE PHILIPPINES’ trade deficit stood at $3.31 billion in October, the narrowest gap in 17 months, as exports growth continued to outpace imports, the Philippine Statistics Authority (PSA) reported on Tuesday.
Exports grew by double-digits in October, according to the Philippine Statistics Authority. — BW FILE PHOTO
Imports, on the other hand, jumped by 7.5% to $11 billion in October, ending 19 straight months of double-digit expansion. Year to date, imports climbed by 22.7% to $115.99 billion, breaching the government’s revised 20% target this year. ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said exports received a boost after the electronics sector had a strong month.
On the other hand, imports of raw materials and intermediate goods had the largest share among major type of goods with 38.7%, inching up by 1.8% to $4.26 billion in October. Mr. Mapa said imports may be driven by the elevated price of crude oil and resurgent demand for consumer goods ahead of the holiday season.
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