Philippines January Trade Deficit Biggest in 12 Months

Philippines
A worker stands on top of a cargo container as he assist the crane driver in arranging some containers at a shipping yard in Cavite city, south of Manila July 23, 2015. REUTERS/Romeo Ranoco

MANILA ⸺ The Philippines recorded a trade deficit of $2.42 billion in January, the widest in 12 months, as exports posted the biggest decline in five months, government data showed on Friday. 

Exports declined 5.2% to $5.5 billion from a year earlier, while imports contracted 14.9% to $7.9 billion, the Philippine Statistics Authority said.

Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Ed Davies; Reuters

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