Philippine foreign trade balance turned to a deficit in September from a surplus in the previous year, though less-than-expected, preliminary figures from the Philippine Statistical Authority showed Tuesday.
The trade balance showed a deficit of $1.2 billion in September versus a surplus of $63 million in the corresponding month last year.
Economists had expected a shortfall of $1.6 billion. In August, the deficit was $1.04 billion.
Imports grew at a faster pace of 6.7 percent year-over-year in September, following a 5.7 percent climb in the preceding month. The expected rate of increase was 4.5 percent.
Imports of electronic products surged 34.7 percent annually in September and that for metal products jumped by 115.4 percent. At the same time, arrivals of mineral fuels, lubricants and related materials plunged by 56.5 percent.
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