RP's trade deficit widens

RP's trade deficit widens

MANILA (AFP): The Philippines' trade deficit widened by 27.7 percent to US$7.221 billion in the first 11 months of 1994 from $5.654 billion in the same period last year, the National Statistics Office said yesterday.

The government agency said imports which grew 20.7 percent to $19.345 billion, outpaced export earnings, which climbed 17 percent to $12.124 billion in the January to November period.

Imports of electronic components for the manufacture of semi- conductor devices comprised the bulk of the country's import receipts, followed by mineral fuels and lubricants.

Industrial machinery and telecommunications equipment came in third and fourth, respectively, but posted the highest increases compared to year-ago levels -- reflecting the growing needs of an expanding economy.

Imports of industrial machinery jumped by 34 percent while import receipts for telecom equipment surged 39 percent, indicating an aggressive effort to wire up the country after the sector was deregulated.