PSA: Trade Deficit Decreased For 3rd Straight Month

The Philippine Statistics Authority data showed that the trade deficit of goods narrowed for the third consecutive month in November 2022 as exports maintained a double-digit growth while imports lessened.

The trade deficit decreased by 22% to $3.7 billion from $4.7 billion in November 2021.

However, the monthly trade gap of $3.7 billion is still more than the $3.3 billion in October 2022.

The trade deficit from January to November increased by 45% to $53.69 billion from $37.11 billion compared to last year.

Exports increased by 7% to $73.17 billion from $68.37 billion, while imports rose by 20% to $126.86 billion from $105.49 billion. Overall, two-way traffic of goods in November was valued at $17.88 billion, a 3.6% increase from $17.26 billion recorded last year.

“Philippine trade date showed another strong month for exports lifted by solid gains for electronics,” said Nicholas Mapa, senior economist at ING Bank.

Source: Inquirer.net