The foreign trade deficit in the Philippines climbed more-than-expected in August from the previous year, preliminary figures from the Philippine Statistical Authority showed Tuesday.
The trade deficit rose to $954 million in August from $373 million in the corresponding month last year.
Economists had expected the deficit to increase to $751 million. In July, the shortfall was $1.5 billion.
Imports grew 4.1 percent year-over-year in August, but much slower than the 23.0 percent sharp rise in the prior month.
The expected rate of increase was 10.4 percent. However, it was the third successive monthly climb.
Imports of electronic products jumped 68.5 percent yearly in August and that for medical and pharmaceutical products surged by 98.8 percent. Meanwhile, imports of mineral fuels, lubricants and related materials tumbled by 49.7 percent.
The material has been provided by InstaForex Company – www.instaforex.com