RP's trade deficit falls 88%

RP's trade deficit falls 88%

MANILA (AFP): The Philippines' trade deficit shrank 88.6 percent in the nine months to September while total trade fell 1.1 percent in the same period, the National Statistics Office said Tuesday.

The trade deficit fell to US$962 million in Janaury to September with exports growing 19 percent to $21.8 billion while imports fell 14.8 percent to $22.807 billion, the office said in a statement.

The Philippines also recorded its fourth consecutive month of a trade surplus in September at $332 million compared to a trade deficit of $619 million in September, 1997.

Exports in September hit $2.786 billion, up 19.2 percent over the same month last year while imports fell to $2.454 billion, down 17 percent from 1997.