According to Philippines posts US$4.13bil trade deficit in August | The Star, August's trade deficit for the Philippines was US$4.13 billion, according to preliminary government statistics released on October 10. This represents a modest decrease from the previous month's deficit due to a rise in exports.
At $10.83 billion, imports decreased 13.1% from the previous year—the ninth consecutive month of declines.
The largest gain in nine months was seen in exports, which rose 4.2% to $6.7 billion, according to the Philippine Statistics Authority.
The Philippine peso would only get relief when services trade surplus and inward remittances rise up in October and December, according to HSBC's analysis from October 9, given that the nation's trade deficit is unlikely to reduce considerably by year's end.
