Trade deficit narrows to $2.15B in June

ABS-CBN News

Posted at Aug 10 2017 10:01 AM

MANILA - The country's trade deficit narrowed to $2.15 billion in June from a record level in the previous month, as imports declined while exports edged higher, official data showed.

The June trade deficit was smaller than the $2.74 billion recorded in May. It brought the 6-month deficit to $13.2 billion, the Philippine Statistics Authority said.

Analysts have attributed the peso's recent weakness against the dollar to imports outpacing exports.

In June, exports rose 0.8 percent while imports fell 2.5 percent, data showed.

Exports in the first half of the year rose 13.6 percent to $31.04 billion from a year ago, data showed.

The decline in June imports was due to a 6.9 percent drop in shipments of raw materials and intermediate goods and a 3.5 percent fall in capital goods imports. Consumer goods shipments were up 7.0 percent from a year ago.

Imports in the first half of the year were up 9.6 percent to $44.22 billion from a year ago. -- with Reuters