MANILA, Philippines — The country’s trade deficit contracted in February, as both exports and imports softened.
Data released by the Philippine Statistics Authority on Tuesday showed that the trade deficit shrank 2.7% year-on-year to $3.88 billion in February. A trade deficit occurs when the country’s imports bill outgrows export sales.
The February gap was markedly narrower compared to the $5.73 billion in January.
Overall, the country’s external trade plummeted 14.4% on-year to $14.03 billion in February. This was worse compared to the $16.2 billion posted in the preceding month.
Data broken down showed exports skidded 18.1% year-on-year to $5.08 billion in February. Shipments of electronic products, the country’s top exports, wilted 22.2% on an annual basis to $2.68 billion.
Imports experienced a decline as well, retreating 12.1% on-year to $8.95 billion in February. The sharp decline came due in part to the lower shipments of electronic products into the country. — Ramon Royandoyan