Philippines expects trade deficit expanded to 13 bln USD at year-end
19/9/2008 16:46
Philippine central bank raised the trade deficit projection for 2008 to
US$13 billion due to weak overseas demands and high oil and food prices on the
international market, local media reported today.
The latest merchandise
trade gap forecast was higher than the previous projection of US$8.6 billion and
last year's deficit of US$5 billion, the Manila Times quoted central bank
officials as saying.
The report said imports growth is expected to reach 12
percent this year to US$64.5 billion, pushed by the high oil and food prices, as
the Philippines remains world's largest rice importer and buys most of its crude
oil needs from abroad.
Meanwhile, the central bank projects a lower exports
growth of 4 percent as foreign demand for electronic products, the Philippines'
main export products, shrinks against the backdrop of global economic
slowdown.
Xinhua
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