Philippines’ July trade deficit widens as imports surge

12-Sep-2018 Intellasia | Reuters | 6:00 AM Print This Post

The Philippines’ trade deficit widened in July as imports posted their fastest gain in more than two years while exports barely grew, government data showed on Tuesday.

Trade deficit for July was $3.546 billion versus $3.188 billion in June. The deficit was $1.305 billion in July 2017.

Imports surged 31.6 percent in July from a year earlier, owing to large purchases of iron and steel, and transport equipment, industrial machinery and equipment, while exports posted only a negligible growth of 0.3 percent.

The central bank has projected an 11 percent growth in imports this year, driven by demand for capital and consumer goods as the government pushes ahead with its massive programme to build new airports, ports, road networks.

Exports are projected to rise 10 percent this year.


Category: Philippines

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