The foreign trade deficit in the Philippines widened more-than-expected in October, preliminary figures from the Philippine Statistical Authority showed Tuesday.
The trade deficit rose notably to $1.93 billion in October from $441 million in the corresponding month last year. The expected shortfall was $1.3 billion. In September, the deficit was $1.32 billion.
Imports grew at a faster pace of 16.8 percent year-over-year in October, following a 8.2 percent climb in the preceding month. Economists had forecast a 5.5 percent rise for the month.
Imports of electronic products jumped 70.7 percent in October from a year ago and that for industrial machinery and equipment surged by 52.5 percent. At the same time, imports of mineral fuels, lubricants and related materials plunged by 38.5 percent.
People’s Republic of China remained as the country’s biggest source of imports at 17.2 percent share in October.
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