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The country’s trade deficit grew 26.3% growth in November as exports continued to post a double-digit decline
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For the 12th consecutive month, the country’s total external trade declined 5.4% to $16.95 billion in November
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Imports slightly grew by 0.02% while exports declined 13.7%
The country’s trade deficit grew 26.3% in November 2023 as exports continued to post a double-digit decline, according to preliminary data from the Philippine Statistics Authority (PSA).
The latest deficit is slower than October’s adjusted 32.6% growth and in contrast to the 21% decline in November 2022.
For the 12th consecutive month, the country’s total external trade declined 5.4% to $16.95 billion in November 2023 from $17.92 billion in the same period in 2022.
The balance of trade in November 2023 amounted to US$-4.69 billion.
After dropping for nine months in a row, imports, which accounted for 63.8% of the total trade, grew slightly by 0.02% to $10.820 billion in November from $10.817 billion year-on-year.
From January to November 2023, imports sank 8.6% to $116.01 billion from $126.90 billion.
Exports declined for the third month in a row in November 2023, posting a 13.7% drop to $6.13 billion from $7.10 billion in November 2022.
From January to November 2023, exports were down 8.4% to $67.03 billion from $73.18 billion in January to November 2022.
By commodity group, electronic products continued to account for the highest import and export value, generating $2.21 billion or 20.4% of the total import bill, and $3.44 billion or 56.1% of the total export bill.
By major type of goods, exports of manufactured goods still contributed the largest to the total, amounting to $4.99 billion or a share of 81.4%. In terms of imports, raw materials and intermediate goods continued to account for the largest share with $3.92 billion or a 36.2% share.
By major trading partners, China remains the country’s largest supplier of imported goods valued at $2.72 billion or 25.1% of the total in November 2023. It was followed by Indonesia, $1.01 billion; Japan, $892.17 million; South Korea, $714.24 million; and USA, $654.52 million.
In terms of exports, the USA comprised the highest value with $970.22 million or a share of 15.8% to the total. It was followed by Japan, $949.66 million; China, $821.53 million; Hong Kong, $721.54 million; and South Korea, $326.48 million.
READ: Oct trade deficit widens
