PHL trade deficit widens 31.7% to $2.3 billion in March

The Philippine balance of trade widened by 31.7 percent in March, data released by the Philippine Statistics Authority (PSA) on Thursday showed.

"The balance of trade in goods for the Philippines in March 2017 ... registered a deficit of $2.302 billion, wider than the $1.747 billion trade deficit in the same month last year," the PSA said.

Imports totaled $7.882 billion, up 24.0 percent. Exports stood at $5.579 billion, up 21.0 percent.

PSA data showed total trade reached $13.461 billion in March.

The National Economic and Development Authority (NEDA) noted that merchandise trade grew by 18.5 percent to $37.566 billion the first quarter.

“Philippine trade ... has been robust, growing a solid 18.5 percent in the first quarter. We are really optimistic that we can sustain this momentum in the coming months,” NEDA Officer-in-Charge and Undersecretary Rolando Tungpalan said in a separate statement.

The country's export receipts were largely from the EU (56.2 percent) China (38.9 percent), Hong Kong (38.9 percent), US (20.4 percent), Taiwan (17.5 percent) and South Korea (7.3 percent).

“These figures support our view that the Philippines will be the fastest-growing economy among the ASEAN-5 this year,” Tungpalan noted.

His view is anchored on recovering external demand and strong domestic consumption and investment activities.

“We aim to follow-through by forging stronger connections with our ASEAN neighbors as merchandise trade with them comprises a substantial share of 21.9 percent of our country’s total trade in the first quarter,” Tungpalan said. — Ted Cordero/VDS GMA News