MANILA – The trade deficit widened in October reaching $4.2 billion from $3.9 billion the previous month after imports outpaced exports, data released Tuesday showed.
Imports grew 21.4 percent in October to $10.32 billion compared to the same month last year, data from the Philippine Statistics Authority showed.
Exports, on the other hand, grew 3.3 percent to $6.11 billion compared to October 2017.
The PSA attributed the trade deficit to imports of raw materials and capital goods for the administration’s massive infrastructure program.
October is the seventh straight month that the gap stayed above $3 billion. (With ABS-CBN News/PN)
