RP trade deficit falls

RP trade deficit falls

MANILA (AFP): The Philippines' merchandise trade deficit fell 37.4 percent from a year earlier to US$717 million in January, the National Statistics Office said here yesterday.

Export receipts rose 25 percent to $2.115 billion while import payments dipped 0.2 percent to $2.832 billion.

The government agency said imports of electronic components surged 37.5 percent to $566.28 million, accounting for 20 percent of total payments. Semiconductors are the country's top exports.

Capital goods accounted for 45.4 percent of the total import bill for the month.

The Philippines' trade deficit fell 9.9 percent on the previous year to $10.70 billion in 1997 as the weaker peso boosted exports.