PH trade deficit hits record highhome/Business/Top Business/PH trade deficit hits record highTHE Philippines’ trade deficit hit an all-time high in October as imports continued to grow much more than exports, the Philippine Statistics Authority (PSA) reported on Tuesday. Total trade in goods subsequently hit a deficit of $4.212 billion, the highest on record and 70 percent more than the $2.585 billion posted a year ago. Year to date, the trade deficit widened by 68.5 percent to $33.918 billion, from $20.128 billion, as exports contracted by 1.2 percent amid 16.8-percent growth in imports. “Overall, this remains consistent with our view that still strong domestic demand which reflects more infrastructure spending will sustain a large goods trade deficit,” he said. Paracuelles explained that slower electronics export growth and strong infrastructure-led domestic demand was a potent combination that could push the goods trade deficit wider.

Source: Manila Times December 11, 2018 16:18 UTC