08.08.201800:52:00UTC+00Philippine Trade Deficit Widens In June

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

The trade gap widened to $3.35 billion in June from $1.59 billion in the corresponding month last year. The expected shortfall for the month was $3.0 billion.

Exports dropped slightly by 0.1 percent year-over-year in June, confounding economists' forecast for an increase of 2.8 percent.

Meanwhile, imports registered a double-digit growth of 24.2 percent annually in June versus the expected spike of 18.6 percent