The Philippine trade deficit declined in June from last year amid sharp decrease in imports, data from the Philippine Statistics Authority showed on Wednesday.
The trade deficit declined to $2.47 billion from $3.55 billion in the same period last year.
Data showed that exports grew 1.5 percent on year after rising 1 percent each in May and April. At the same time, shipment of electronic goods gained 4.3 percent in June. Imports logged a double digit decrease of 10.4 percent year-on-year, bigger than the 5.2 percent drop in May. This was the third consecutive decline in imports.