BSP statistics confirmed that the merchandise exchange account—exports and imports—posted a much wider deficit of $16.39 billion from the deficit of $nine.52 billion a year in advance.
Exports of goods fell to $20.7 billion inside the first six months of 2016 from $21.Eight billion inside the equal duration last 12 months, at the same time as imports of products rose to $37.1 billion or by means of 18.Three percentage from a year ago.
This added the first-half of cutting-edge account surplus to $778 million, down eighty five.2 percentage from the $five.25 billion surplus recorded a yr in advance, due in particular to the widening of the trade-in-items deficit or merchandise alternate account, the BSP stated.
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