Trade balance shoots to P6.5bn in 2013

According to data released on Wednesday afternoon, the merchandise trade figures are a far cry from the P16.4 billion deficit recorded in 2012 when only one month was in surplus. The local economy has recorded rolling merchandise trade deficits month-on-month since the third quarter of 2008 owing to a collapse in mineral exports, particularly diamonds.

The figures indicate that eight out of the 12 months of 2013 were in the black, with the trade surplus peaking in July at P2.6 billion. The largest trade deficit was recorded in June at P1.1 billion.