May 6, 2020 / 1:28 AM / 22 days ago

Philippines exports, imports contract sharply in March

MANILA, May 6 (Reuters) - The Philippines trade deficit widened slightly in March as both exports and imports contracted sharply, the statistics agency said on Wednesday.

Exports shrank 24.9% in March compared with a year earlier, the biggest fall in more than eight years, while imports contracted 26.2%, the steepest drop in nearly a decade.

That resulted in trade deficit of $2.38 billion, slightly wider than previous month’s $1.65 billion gap.

Reporting by Karen Lema; Editing by Kim Coghill

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