The trade deficit in the Philippines narrowed unexpectedly in December, preliminary data from the National Statistics Office showed Tuesday.
The trade deficit came in as $68 million in December following the revised $233 million in November. Economists had expected a shortfall of $381 million.
A year earlier, the trade deficit was $485 million.
Imports fell 10.6 percent year-over-year in December following the 1.7 percent drop in November. Economists had expected imports to decrease 11.1 percent.
Imports of transport equipment decreased the most, by 51.2 percent. This was followed by declines in imports of mineral fuels, lubricants and related materials and cereals and cereal preparations.
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