Merchandise trade starts 2019 with bigger deficit — PSA data

Manila International Container Port (MICP)

THE COUNTRY’s trade-in-goods deficit widened in January as exports declined and imports rebounded.

Preliminary data released by the Philippine Statistics Authority (PSA) on Tuesday showed January’s trade deficit at $3.756 billion, bigger than the $3.752 billion deficit in December 2018 and $3.163 billion in January 2018.

Merchandise export sales in January amounted to $5.279 billion, 1.7% less than the $5.373 billion recorded in the same month last year.

At the same time, the country’s import bill grew by 5.8% to $9.035 billion in January from last year’s $8.536 billion.

Philippine trade year-on-year performance (January 2019)//

In a statement, the National Economic and Development Authority (NEDA) noted January’s trade performance to be “largely due to a rebound in imports… supported by increases in the import values of…

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