MANILA – The Philippines’ trade deficit narrowed in December compared to the same period in 2018 as exports grew and imports declined, government data released Tuesday showed.
The deficit declined by 40.6 percent to $2.48 billion (P125.8 billion) in December last year compared to the $4.17 billion (P211.5 billion) in December 2018, data from the Philippine Statistics Authority showed.
Total exports in December 2019 reached $5.74 billion, 21.4 percent higher compared to $4.73 billion in December 2018, data showed. Total imports in December 2019 contracted by 7.6 percent to $8.22 billion from $8.90 billion, the PSA said.
The US, Hong Kong China, Japan and Singapore were the major export partners for the month, data showed.
China is the biggest import partner in December followed by Japan, Republic of Korea, the US and Singapore.