Current account deficit widens to $5.7 B in Q3

The country's current account deficit more than doubled in the third quarter compared to a year ago amid a wider trade gap, according to the Bangko Sentral ng Pilipinas (BSP).

- By KEISHA TA-ASAN

In press briefing, BSP senior director Redentor Paolo Alegre Jr. said the current account deficit widened to $5.7 billion in the third quarter from the $2.2 billion shortfall in the same period in 2023.

"The wider current account deficit was due to the widening merchandise trade gap due to a robust growth in domestic demand and a decrease in net receipts in trade in services," Alegre said.

BSP data showed the country's trade-in-goods deficit widened by 10.1 percent to $18.5 billion in the third quarter from $16.8 billion a year ago as import growth outpaced the decline in exports.

Exports decreased by 3.2 percent to $13.9 billion in the third quarter from $14.3 billion a year ago. Meanwhile, imports increased by 3.8 percent to $32.4 billion from $31.2 billion in the comparable year-ago period.