24.10.201400:02:00UTC+00Philippines Trade Deficit Falls Unexpectedly In August

The trade deficit in the Philippines decreased unexpectedly in August, preliminary data from the National Statistics Office showed Friday.

The trade deficit came in at $ 17 million in August, which was less than the $ 41 million shortfall in July. Economists had expected the trade deficit to increase to $ 100 million.

A year earlier, the trade deficit was $ 608 million.

Imports fell 1.3 percent year-over-year in August following the revised 0.2 percent rise in July. Economists had expected imports to increase 0.1 percent.

Imports of mineral fuels, lubricants and related materials, which accounted for 23 percent of total imports, declined 2.6 percent in August. This was followed by the 15.4 percent drop in imports of electronic products, with 20.7 percent share in total imports.

Meanwhile, imports of cereals and cereal preparations increased the most, by 86.1 percent. This was followed by increases in imports of other food and live animals.