MANILA - The Philippines’ trade deficit in November 2022 narrowed as exports grew while imports decreased year-on-year, data from the Philippine Statistics Authority showed.
The PSA said the country’s exports totaled $7.1 billion in November, which was 13.2 percent higher compared to the $6.27 billion booked in the same month in 2021.
Imports meanwhile fell slightly by 1.9 percent to $10.78 billion from $10.98 billion year-on-year.
This meant that the Philippines’ trade gap had shrunk to $3.68 billion in November last year, from $4.71 billion in the same month in 2021. November’s trade gap however was still wider than the $3.3 billion posted in October last year.
"The annual decrement in the value of imported goods in November 2022 was mainly due to the decreases in the values of 4 of the top 10 major commodity groups," the PSA said.
Annual decline in value was observed in electronic products, transport equipment, cereals and cereal preparations and industrial machinery equipment, the report said.
From January to November 2022, the total import value reached $126.86 billion, up 20.3 percent compared to the $105.49 billion in the same period in 2021, the PSA said.
China was the country's biggest supplier of imported goods for the month with a total value of $2.60 billion, data showed, followed by Indonesia, Japan, USA and Korea.
From January to November, total export earnings reached $73.17 billion, up by 7 percent compared to $68.37 billion in the same comparable period.
The PSA said Hong Kong comprised the highest export value reaching $1.16 billion, followed by the US, Japan, China and Singapore.
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