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Technology

Philippines' trade deficit drops to more than two-year low in February

MANILA, April 8 (Reuters) - The Philippines posted its smallest trade deficit in more than two years in February as imports declined, and exports continued to grow although at a much smaller pace, the statistics agency said on Wednesday.

The trade deficit narrowed to $1.65 billion, the smallest since July 2017, data showed.

Imports fell 11.6% in February due to a double digit decline in the purchase industrial machinery, transport and telecommunication equipment, among others, while exports rose 2.8%, slower than the previous month’s 9.7% growth. (Reporting by Karen Lema; Editing by Himani Sarkar)

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