Trade deficit narrows for 3rd straight month

The Philippines’ deficit in its trade of goods with the rest of the world narrowed for the third straight month to a 17-month best in November 2022 as exports maintained double-digit growth while imports shrank.

Preliminary data from the Philippine Statistics Authority show that the trade deficit decreased by 22 percent to $3.7 billion in November from $4.7 billion in the same month of 2021.

However, the monthly trade gap was wider compared with the $3.3 billion recorded a month earlier in October 2022.

The trade deficit for the January-November  ballooned by 45 percent to $53.69 billion from $37.11 billion in the same 11 months of last year.

Eleven-month exports increased by 7 percent to $73.17 billion from $68.37 billion while imports rose by 20 percent to $126.86 billion from $105.49 billion.

Two-way traffic of goods in November was valued at $17.88 billion, an increase of 3.6 percent from $17.26 billion a year earlier.

In November, export receipts jumped by 13 percent to $7.1 billion from $6.3 billion, twice as fast as the 6.6-percent growth recorded in the same month of 2021.

Meanwhile, imports decreased by 1.9 percent to $10.78 billion from $10.98 billion, a reversal of the 37-percent surge in October 2021.

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

—RONNEL W. DOMINGO INQ