The Philippines posted its biggest trade deficit since data became available, fueled by a rapidly expanding economy. Exports rose 14 percent from a year ago to $5.5 billion while imports jumped 17 percent to a record $8.2 billion during the month. Trade deficit hit $11 billion in the first five months of 2017 and $26.7 billion in 2016, eating into the country’s current account surplus. Socioeconomic Planning Secretary Ernesto Pernia said the country should continue to promote export competitiveness, diversify its products and markets and maximize trade agreements to sustain trade growth for the rest of the year. “Our country’s trade growth is consistent with the global pick-up.

Source: The Standard July 11, 2017 13:41 UTC