The foreign trade deficit in the Philippines decreased less-than-expected in February, preliminary figures from the National Statistical Office showed Tuesday.
The trade deficit narrowed to $813 million in February from $862 million in the previous month. Economists had expected the deficit to fall to $315 million.
In the same month of the previous year, the shortfall was $131 million.
Imports climbed 11.2 percent year-over-year in February, reversing a 12.4 percent sharp decline in January. Economists had expected imports to drop 3.1 percent.
Imports of electronic products Jumped 42.4 percent in February from the prior year and that for industrial machinery and equipment surged by 10.7 percent. At the same time, imports of transport equipment plunged by 21.7 percent.
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