The country’s lackluster external trade performance in October 2023 reflected not only the challenges faced by the global economy but also the deep-seated issues stemming from the country’s industrial policy or lack thereof, according to local economists.
The country’s lackluster external trade performance in October 2023 reflected not only the challenges faced by the global economy but also the deep-seated issues stemming from the country’s industrial policy or lack thereof, according to local economists. On Tuesday, the Philippine Statistics Authority (PSA) disclosed that the country’s export earnings declined 17.5 percent, the largest contraction in six months. The data also showed import receipts contracted 4.
4 percent in October 2023, marking the 9th consecutive month that imports declined. “On the whole, it seems that the trade sector is at a standstill. An industrial policy aimed at promoting products with comparative advantage or at creating new products could have broken this impasse,” Ateneo de Manila University economist Leonardo Lanzona told the BusinessMirror. Lanzona noted that the high-interest rates that keep the Philippine peso competitive did not help the country’s imports. This is crucial as the country’s exports are mostly re-export
Philippines External Trade Global Economy Industrial Policy Export Earnings Import Receipts
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