Slump in diamond exports widens trade deficit

Latest figures from the Central Statistics Office (CSO) indicate that while imports over August remained generally flat compared to previous months, exports declined due largely to a 44-percent month-on-month drop in diamond exports.

In July, the CSO pegged diamond sales at P2.23 billion or 67.5 percent of total exports, while in August, the figures dropped to P1.24 billion and 58.4 percent of total exports. In total, imports for August 2010 were valued at P2.78 billion against exports of P2.12 billion, according to the CSO.