Philippine trade gap nearly doubled in February —PSA

The Philippine trade deficit widened by nearly double in February as imports continued to grow faster than exports, the Philippine Statistics Authority (PSA) revealed Wednesday.

Data released by the PSA showed the balance of trade in goods widened to a $3.06-billion deficit in February, nearly twice the $1.77-billion deficit the same month last year.

Total exports fell by 1.8 percent to $4.74 billion, while imports grew by 18.6 percent to $7.72 billion.

“It is essential for the national government to continuously support Philippine trade, especially exports, by providing an enabling environment to become globally competitive,” NEDA officer-in-charge Rosemarie Edillon said in a separate statement.

 

“Moving forward, it is essential for the national government to continuously support Philippine exports,” Edillon said.

“Increasing the visibility of Philippine-made goods is also essential to increase its marketability and encourage demand,” she said. —VDS, GMA News