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Philippine Trade Deficit Narrows In August

The Philippine trade deficit narrowed in August on a sharp fall in imports, data from the Philippine Statistics Authority showed Thursday.

The visible trade deficit narrowed to $2.41 billion in August from $3.6 billion last year. Economists had forecast a shortfall of $3.6 billion.

Exports grew only 0.6 percent on a yearly basis, slower than the 3.5 percent rise seen in July and the 1.3 percent increase economists had forecast.

Shipment of electronic products continued to be the country's top export with total earnings of $3.66 billion. Exports of electronic products advanced 6.6 percent.

Meanwhile, imports plunged 11.8 percent versus the expected drop of 1.1 percent and July's 4.2 percent decrease.

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