MANILA - The Philippines’ external trade grew in November last year, but the trade deficit grew at an even faster pace, the state statistics bureau said on Tuesday.
In November 2021, the country’s total external trade in goods amounted to $17.25 billion, up 24 percent compared to the same month in 2020, the Philippine Statistics Authority said.
This was higher than the annual increase in October which was 15.2 percent.
“On the other hand, total external trade in November 2020 recorded a decline of -6.6 percent,” the PSA noted.
International trade in 2020 was hampered by lockdowns by different countries to curb the COVID-19 pandemic.
Meanwhile, the country also posted a trade deficit of $4.71 billion in November as the growth in imports outstripped exports. Imports totaled $10.98 billion that month while exports amounted to $6.27 billion.
The trade deficit in November last year was 119.5 percent higher than in the same month in 2020.
In terms of value, the United States was the country’s top export market, while China was the source of most of the Philippines’ imports.