MANILA – The Philippines’ trade deficit stayed well above $3 billion for the fifth month in a row in August as import growth outpaced exports, government data showed.
Exports grew 3.1 percent from a year ago and imports rose 11 percent, the Philippine Statistics Authority said.
The trade deficit reached $3.513 billion in August as imports hit $9.677 billion, the highest this year, while exports were at $6.163 billion.
In August 2017, the trade gap was $2.737 billion.
China was the top market for Philippine exports in August at $939 million, with the US coming in a close second at $934 million.
The Philippines also imported the most from China with receipts at $1.92 billion. South Korea and Japan came second and third respectively.
The trade gap has swollen to $26 billion this year, 65 percent higher compared to the same period last year.
This has added pressure on the peso, which has been languishing near 13-year lows against the US dollar. (ABS-CBN News)
