Trade gap narrows to $3.5B in Aprilhome/Business/Top Business/Trade gap narrows to $3.5B in AprilTHE country’s trade deficit dipped to $3.5 billion in April from $3.7 billion in the same month last year, as exports recovered and imports contracted, the Philippine Statistics Authority (PSA) reported on Tuesday. Total value of imported goods, on the other hand, slid by 1.9 percent to $9.01 billion from $9.18 billion a year earlier. A trade deficit exists when a country spends more money annually on imports than it receives from its exports. Total external trade in goods amounted to $14.51 billion, down 1.0 percent from P14.66 billion in April last year. He cited the need to pass amendments to the Public Service, Foreign Investment and Retail Trade laws to support the industry.

Source: Manila Times June 11, 2019 16:30 UTC