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November trade deficit narrows to $3.9 billion

News Summed Up 2019-01-10 05:30:00

MANILA, Philippines — The Philippines’ trade gap narrowed in November after imports decelerated while outbound shipments posted negative growth, the country’s statistics agency reported. Trade deficit in November stood at $3.90 billion, narrower than the record-high $4.08 billion gap registered in October but wider than $3.28 billion deficit a year ago. Broken down, imports grew 6.8 percent year-on-year to $9.47 billion in November, the slowest pace in eight months. Year-to-date, the nation’s trade deficit ballooned to $37.69 billion, larger than $23.41 billion shortfall in the same period in 2017. “Going forward, the current account will likely remain in the red as imports are well ahead of outbound shipments,” Mapa said.