09.03.201800:10:00UTC+00Philippine Trade Deficit Widens In January

Philippine foreign trade gap widened in January from a year ago, as imports grew much faster than exports, preliminary figures from the Philippine Statistical Authority showed Friday.

The trade deficit rose to $3.32 billion in January from $2.47 billion in the corresponding month last year. The expected shortfall for the month was $3.5 billion.

Exports increased 0.5 percent year-over-year in January, confounding economists' forecast for a decline of 3.1 percent.

Shipments of electronic products, accounting for 50.3 percent of total exports, advanced by 10.8 percent.

Imports surged 11.4 percent in January from a year ago, slower than the expected spike of 14.8 percent.