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The Philippine trade deficit decreased in January from the last year amid declines in both exports and imports, the Philippine Statistics Authority showed on Friday.

Exports declined 5.2 percent yearly in January, after a 1.7 percent increase in December.

Imports fell 14.9 percent annually in January, following an 8.2 percent decline in the previous month.

The trade deficit decreased to $2.421 billion in January from $3.504 billion in the same month last year. In December, the deficit was $2.148 billion.

Among major commodity groups, fresh bananas dropped 46.9 percent yearly in January and other manufacturing goods declined 12.8 percent. Exports of machinery and transport equipment and coconut oil fell by 11.9 percent and 11.7 percent, respectively.

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