MANILA – The Philippines trade deficit narrowed year-on-year in September as exports and imports both declined, data from the Philippine Statistics Authority released Wednesday showed.
The trade deficit totaled $3.12 billion in September from $4.02 billion during the same month in 2018. The shortfall was at $2.41 billion in August this year.
Total exports for the month reached $5.90 billion, 2.6 percent lower compared to $6.05 billion in September 2018. Total imports also declined by 10.5 percent to $9.02 billion from $10.08 billion during the same comparable period, data showed.
Japan accounted for the most exports by value followed by the United States, Hong Kong, China and the Republic of Korea, the PSA said. China was the country’s biggest source of imports last September, it said.