The country’s trade deficit expanded to its largest level in a year in January as imports outpaced exports, the Philippine Statistics Authority (PSA) reported on Friday. Most of the imported goods were electronic products with an import value of $2.34 billion, or a 29.6-percent share to total imports in January. Mineral fuels, lubricants and related materials were valued at $681.74 million (8.6 percent); and transport equipment, $565.08 million (7.1 percent). The Philippines recorded a $21.80-billion trade shortfall in full-2020, 46.4 percent smaller than 2019’s $40.66 billion. For this year, the Bangko Sentral ng Pilipinas sees imports and exports to climb by 8 percent and 5 percent, respectively.

Source: Manila Times March 12, 2021 16:18 UTC