PH revises 2013 trade data, may impact growth forecasts
MANILA – The Philippine Statistics Authority has revised trade data for 2013 after including figures that weren't captured earlier, the agency said on Thursday, potentially impacting growth assumptions of the government and analysts.
The agency is yet to finish revising the trade numbers for 2012 and previous years, which will take into account hitherto excluded data from the Philippine Export Zone Authority.
Based on the new revised data, the Philippines had a balance of trade deficit of $5.71 billion in 2013, much lower than the previously reported deficit of $7.85 billion.
It also showed higher exports and imports last year, underscoring the possible implications for government and private economic forecasts for 2014.
Exports in 2013 was $56.7 billion against the approximately $54 billion reported earlier, and imports of $62.4 billion compared with $61.8 billion previously.