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.
