MANILA — The trade gap in the Philippines narrowed to its smallest size in almost four years during February, driven by continued growth in exports albeit at a reduced rate along with a decline in imports, according to initial government statistics released on Friday.
According to the Philippine Statistics Authority, the trade shortfall decreased to $3.15 billion in February, marking the lowest level since June 2021. The deficit for January underwent a slight revision upwards to $5.12 billion from an initially stated figure of $5.08 billion.
In February, exports climbed by 3.9%, amounting to $6.2 billion, which was a deceleration from January’s increase of 6.3%. On the other hand, imports dropped by 1.8% year-over-year to reach $9.4 billion, contrasting with the prior month’s expansion of 11.2%.
The economy grew at an annual rate of 5.2% during the last quarter of 2024, maintaining the same speed as in the prior period yet falling short of what analysts had anticipated. The administration plans to publish the first-quarter growth data on May 8.
— Reported by Karen Lema; Edited by John Mair