MANILA, Philippines (Update 2, 4:19 p.m.) — The Philippines’ trade deficit swelled in July, the government’s statistics agency reported Tuesday, after exports barely grew during the month while imports continued its accelerated growth pace. Trade gap in July hit $3.55 billion, wider than $1.31 billion deficit posted a year ago and June’s $3.19 billion. The trade deficit in July was the third worst on record and also the third worst trade balance during the Duterte administration. Philippine President Rodrigo Duterte’s plan to keep his country’s growth engine humming by spending more than P8 trillion on infrastructure has been fueling demand for imports of construction-related goods. “As the global trade situation becomes less encouraging, improving the overall climate for export development becomes all the more indispensable,” Socioeconomic Planning Secretary Ernesto Pernia said in a statement.

Source: Philippine Star September 11, 2018 03:45 UTC