THE country’s trade deficit widened further in April from a year earlier as exports slowed while imports surged at a double-digit pace, the statistics agency said on Friday.
According to data from the Philippine Statistics Authority (PSA), the trade gap widened to $3.62 billion in April, more than double the $1.55 billion deficit recorded in the same month last year.
The bigger trade gap was attributed to the double-digit surge in imports coupled with a contraction in exports.
Imports in April surged 22.2 percent to $8.73 billion compared to $7.14 billion last year.
Exports contracted by 8.5 percent to $5.11 billion from the $5.59 billion registered in the same period last year, marking the fourth straight month of decline. ANGELICA BALLESTEROS