The Philippine foreign trade deficit increased notably at the start of the year, as exports fell sharply amid a rebound in imports, the Philippine Statistics Authority showed on Tuesday.
The trade deficit increased to $5.74 billion in January from $4.51 billion in the same month last year. Further, this was the biggest trade shortfall since August last year.
In December, the deficit was $4.50 billion.
Exports plunged 13.5 percent year-on-year in January, which was worse than the 7.7 percent fall in the prior month.
Meanwhile, imports grew 3.9 percent annually in January, reversing a 9.6 percent decline in December.
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