Exports grow at slower pace, imports at 9-month high


Posted at Apr 11 2017 01:08 PM

MANILA - Exports rose for a third straight month in February, although at a slower pace due to double-digit drops in the shipments of machinery and transport equipment and ignition wiring set for vehicles, aircraft and ships, data from the statistics agency released Tuesday.

Shipments going out of the country grew 11 percent to $4.78 billion in February, compared to a 24-percent expansion in January.

The United States, was the biggest market for exports. Shipments to China grew 24.7 percent, while exports to Japan declined 22.5 percent.

Imports climbed to 20.3 percent in February, the highest in nine months, as seven of the country's 10 imports rose, led by mineral fuels, lubricants and related materials.

The country's trade deficit widened to $1.73 billion from $1.1 billion a year ago. - with ABS-CBN News