Philippines' trade deficit stays above US$3b, imports up 11%

[MANILA] The Philippines' trade deficit stayed well above US$3 billion for the fifth month in a row in August as import growth outpaced exports, government data showed on Wednesday.

Exports grew 3.1 per cent from a year ago and imports rose 11 per cent, the Philippine Statistics Authority said. The trade deficit reached US$3.513 billion in August, compared with US$3.546 billion in July. In August 2017, the trade gap was US$2.737 billion.

The Southeast Asian country has been posting large trade gaps since last year, widening its current account deficit and adding pressure on the peso, which has been languishing near 13-year lows against the US dollar.

REUTERS