Imports outpaced exports in January

Trade deficit continued to widen in January with imports growing in double-digits while exports growth was flat.

Preliminary data released yesterday by the Philippine Statistics Authority (PSA) showed the January trade deficit reaching $3.317 billion, expanding from $2.469 billion posted in the same period last year.

Merchandise export receipts during the month was $5.219 billion, 0.5% more than the $5.191 billion recorded in January 2017.

Meanwhile, the country’s import bill continued to grow at double-digits at 11.4% to $8.536 billion in January from last year’s $7.660 billion.

These brought total trade to $13.754 billion, 7% higher compared to $12.851 billion on a year-on-year basis.