THE country’s trade deficit narrowed in January from a year ago, but widened from the month before, as both imports and exports increased, according to the Philippine Statistics Authority (PSA). Data from the statistics agency showed on Tuesday that inbound shipments grew by 1 percent to $9.28 billion year-on-year, while outbound ones increased by 9.7 percent to $5.78 billion. As a result, the trade balance hit a deficit of $3.49 billion at the start of the year, smaller than the $3.92 billion posted in January 2019, but bigger than the $2.46 billion in December 2019. “A projected slowdown or contraction in electronics exports will likely drag on the entire export sector in 2020.”According to Mapa, fuel and capital imports supported overall imports growth in January. “Imports may contract as well, and could lead to some delays for the government’s infrastructure projects,” he warned.

Source: Manila Times March 10, 2020 18:11 UTC