THE country’s trade deficit continued to widen in March from a year earlier but the gap was narrower compared to February, the Philippine Statistics Authority (PSA) reported on Wednesday. The total trade in goods balance hit a deficit of $2.608 billion for March, higher than the $2.104 billion recorded a year earlier but down from the previous month’s $2.890 billion. Year to date, the trade deficit widened by 41.9 percent to $8.661 billion from $6.103 billion as exports contracted by 6 percent amid a 6.8 percent growth in imports. Standard Chartered Bank economists, meanwhile, said the trade deficit was likely to persist in the second quarter but narrower relative to the first three months of the year. “We forecast export growth of 6-8 percent this year and import growth of 10-15 percent,” they said.

Source: Manila Times May 09, 2018 16:41 UTC