Philippine exports rose unexpectedly in September, while imports grew at a faster-than-expected pace, preliminary figures from the Philippine Statistical Authority showed Thursday.
Exports climbed 5.1 percent year-over-year in September, reversing a 3.0 percent fall in the previous month. Meanwhile, economists had expected exports to remain flat during the month.
The increase was attributed to eight major commodities out of the top ten export commodities for the month, the agency said.
Exports of electronic products, accounting for 51.2 percent of the total exports, climbed by 3.6 percent.
Imports surged 13.5 percent annually in September, faster than the 10.0 percent growth expected by economists. That was also above the 12.2 percent rise in August.
As imports grew faster than exports, the trade deficit of the country widened to $1.89 billion in September from $1.3 billion in the corresponding month last year. That was below the $1.94 shortfall expected by economists.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.