The Philippines’ trade deficit widened in June as imports continued to outpace exports, though a record surge in outbound shipments helped keep the gap at its narrowest in four months.
Philippine Statistics Authority data released on Thursday showed the country’s trade deficit expanded 12.3 percent from a year earlier to $4.9 billion in June.
The shortfall nonetheless marked the smallest since February as exports climbed to an all-time high.
Exports jumped 24.1 percent year on year to a record $8.78 billion, while imports rose 19.6% to $13.71 billion.
Although inbound shipments increased from a year earlier, they eased to a two-month low