The country’s trade deficit in November 2022 declined to its lowest level in two years, according to data released by the Philippine Statistics Authority (PSA).
The country’s trade deficit in November 2022 declined to its lowest level in two years, according to data released by the Philippine Statistics Authority .
“The balance of trade in goods [BoT-G] is the difference between the value of export and import. The BoT-G in November 2022 amounted to $3.68 billion, indicating a trade deficit with an annual decrease of 21.9 percent,” PSA said. The value of the country’s total exports reached $7.1 billion in November 2022, 13.2 percent higher than the $6.27 billion posted in November 2021.
These products included nickel oxide sinters and other intermediate products of nickel metallurgy and nickel ores. In January to November 2022, imports reached $126.86 billion, 20.3 percent higher than the previous year’s $105.49 billion. In the 11-month period of 2022, imports that posted the fastest growth were corn which surged 203.6 percent; Office and EDP Machines, 153.7 percent; Mineral Fuels, Lubricants and Related Materials, 82.1 percent; Metalliferous Ores and Metal Scrap, 53.7 percent; Fertilizers 51 percent; and chemical compounds, 47.3 percent.In November, the country’s top export destination was Hong Kong where $1.16 billion or 16.3 percent to the total exports were shipped.
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