RP external trade in the red

Philippine imports surged in the first month of the year on purchases of costlier oil and dairy products, the National Statistics Office said. Merchandise imports in January rose 27.7 percent to $4.987 billion from $3.904 billion in the same period last year. With exports in the same month this year rising by just 6.1 percent to $4.23 billion, the country suffered a trade deficit of $756 million, a reversal of the $272.32-million surplus last year. Electronic products accounted for 46.3 percent of total imports in January, rising 22.8 percent to $2.31 billion from last year’s $1.880 billion.

in Manila Times by Darwin G. Amojelar
March 27, 2008
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