Philippines’ trade deficit narrows to $3.15 bln in Feb

MANILA – The Philippines’ trade deficit fell to its lowest level in nearly four years in February as exports sustained their recent growth, although at a slower pace, and imports declined, preliminary official data showed on Friday.

The Philippine Statistics Authority said the trade gap narrowed to $3.15 billion in February, the smallest since June 2021. January’s deficit was slightly revised to $5.12 billion from the previously reported $5.08 billion.

In February, exports increased 3.9% to $6.2 billion, slower than the previous month’s 6.3% rise. Imports fell 1.8% from a year earlier to $9.4 billion, compared with the previous month’s 11.2% growth.

The economy expanded an annual 5.2% in the final three months of 2024, the same pace as in the previous quarter but below market expectations. The government will release first-quarter growth figures on May 8. – Reuters