Philippine exports increased for the second consecutive month in October, though at a slower-than-expected pace, preliminary figures from the Philippine Statistical Authority showed Friday.
Exports climbed 3.7 percent year-over-year in October, following a 5.1 percent gain in the previous month. That was well below the 7.9 percent spike expected by economists.
The increase was attributed to six major commodities out of the top ten export commodities for the month, the agency said.
Exports of electronic products, accounting for 52.4 percent of the total exports, grew by 4.7 percent.
Shipments of coconut oil jumped 60.4 percent and those of metal components by 55.6 percent. At the same time, exports of woodcraft and furniture fell by 14.7 percent.
Imports also increased at a weaker pace of 5.9 percent annually in October, after a 13.5 percent rise in September. It was forecast to climb by 7.5 percent.
As imports grew faster than exports, the trade deficit of the country widened to $2.16 billion in October from $1.94 billion in the corresponding month last year. The expected shortfall for the month was $2.05 billion.
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