Trade deficit grew to $3.35-billion in June

The country’s trade-in-goods deficit in June increased to $3.35 billion from a $1.59-billion gap a year ago, as imports continued to significantly outpace exports, the Philippine Statistics Authority said Wednesday.

PSA data showed the country’s total external trade in goods in June 2018 reached $14.75 billion, up 13.5 percent from $12.99 billion year-on-year.

Exports fell 0.1 percent, from $5.704 billion a year ago to $5.7 billion, while imports jumped 24 percent to $9.05 billion from $7.29 billion on year.

The June trade deficit, however, was lower compared with the gap of $3.7 billion in May to bring the total gap in the first half to $19.10 billion, higher than $11.75 billion a year ago and $15.755 billion a month ago.