Philippine foreign trade deficit increased in April from a year ago, preliminary figures from the Philippine Statistical Authority showed Friday.
The trade deficit rose to $2.27 billion in April from $0.62 billion in the corresponding month last year. Economists had expected a shortfall of $18.83 million for the month.
Imports surged 29.2 percent year-over-year in April, exceeding economists' expectations for a 20.0 percent climb.
The annual increase in imports was largely driven by a 91.0 percent jump in imports of metal products. Imports of industrial machinery and equipment registered a growth of 73.9 percent.
Inbound shipments of electronic products, accounting for 26.7 percent of the total imports, grew 69.9 percent in April from a year ago.
People's Republic of China remained as the country's biggest source of imports at 20.0 percent share during April.
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