08.06.201801:13:00UTC+00Philippine Trade Deficit Widens In April

Philippine foreign trade deficit increased notably in April from a year ago, as exports fell and imports surged, preliminary figures from the Philippine Statistical Authority showed Friday.

The trade gap widened to $3.62 billion in April from $1.55 billion in the corresponding month last year. The expected shortfall for the month was $2.8 billion.

Exports declined 8.5 percent year-over-year in April, well above economists' forecast for a decrease of 3.2 percent.

This was brought about by the decreases posted by six out of the top ten commodities for the month led by exports of machinery and transport equipment.

Import registered a double-digit growth of 22.2 percent annually in April versus the expected spike of 13.7 percent.