Global demand weak but PH imports strongThe Philippines’ trade deficit swelled 93 percent in August from a year earlier as exports continued to decline while imports surged, government data showed on Tuesday. “The balance of trade in goods (BOT-G) for the Philippines in August 2016 registered a deficit of $2.023 billion, higher than the $1.048 billion trade deficit in the same month last year,” the Philippine Statistics Authority (PSA) said in a statement released with the trade data. The trade gap in August, however, was narrower than the $2.058 billion deficit recorded in July this year. Headwinds“The outlook for the trade deficit remains unfavorable, with weak external demand expected to continue to create significant headwinds for the export sector,” said IHS Markit, Asia-Pacific chief economist Rajiv Biswas. Biswas pointed out that the August trade data showed buoyant growth in consumer goods imports, reflecting sustained strength of private consumption, while capital goods imports were also strong, indicating rapid expansion in investment.

Source: Manila Times October 11, 2016 16:51 UTC