MANILA, Philippines — The Philippines’ trade gap narrowed to a three-month low in December, after exports stayed weak while import growth slowed sharply during the month, the country’s statistics agency reported Tuesday. Trade deficit in December stood at $3.75 billion, slimmer than $3.97 billion gap posted a year ago and $3.90 billion shortfall registered in November. Related Stories BSP sees wider current account gap in 2018, 2019For the entire 2018, the country’s trade gap swelled to $41.44 billion, wider by 51.3 percent. Commenting on export’s lackluster performance, Mapa said global trade is likely starting to see the ill effects of the ongoing US-China trade spat. According to ING Bank’s Mapa, the trade gap will remain relatively wide in 2019 and will continue to weigh on the local currency throughout the year.
Source: Philippine Star February 12, 2019 04:41 UTC