Two-way merchandise trade transactions for the first ten months of 1998 fell by 2.5 percent to $49.612 billion from $50.885 billion last year. Merchandise exports valued at $24.387 billion posted a 17.9 percent increase from $20.689 billion in 1997. On the other hand, imports amounted to $25.225 billion, which was 16.5 percent lower than $30.196 billion a year ago. The balance of trade in goods (BOT-G), while still at a deficit, dropped by 91.2 percent to $837.0 million from $9.507 billion last year.

The balance of trade in goods (BOT-G) deficit for the period January to August 1998 declined by 83.3 percent to $1.294 billion from $7.760 billion in 1997. Total trade, on the other hand, narrowed down by 1.0 percent to $39.412 billion from $39.810 billion a year ago. Payments for imported merchandise declined by 14.4 percent to $20.353 billion from $23.785 billion while receipts from exports grew by 18.9 percent to $19.059 billion from $16.025 billion a year earlier.

Two-way trade transactions for the first half of 1998 inched up by 0.9 percent to $29.283 billion from $29.028 billion last year. Merchandise exports valued at $13.905 billion posted an 18.8 percent increase from $11.700 billion in 1997. Import payments declined to $15.378 billion, which was 11.3 percent lower than $17.328 billion a year ago. The cumulated balance of trade in goods (BOT-G), while still a deficit, dropped by 73.8 percent to $1.473 billion from $5.628 billion in 1997.