Trade deficit narrows in August

The Philippines' trade gap in August narrowed to its lowest level in six months as exports increased while imports declined, according to the Philippine Statistics Authority.

- Louella Desiderio

PSA data showed that the balance of trade in goods, or the difference between the value of exports and imports, amounted to a $3.54-billion deficit in August, 19 percent lower than the $4.4 billion shortfall in the same month last year.

The August trade gap was narrower than the $4.42-billion trade deficit in the previous month.

It was also the smallest trade gap posted since the $2.97 billion shortfall in February.

From January to August, the country's trade deficit narrowed to $32.38 billion from $34.33 billion in the same period last year.

PSA data also showed that the country's export sales rose by five percent to $7.06 billion in August from $6.75 billion in the same month a year ago.