The Philippine trade deficit continued to expand in December 2022 despite imports contracting at a faster rate than exports, data from the Philippine Statistics Authority (PSA) on Thursday revealed…
The Philippine trade deficit continued to expand in December 2022 despite imports contracting at a faster rate than exports, data from the Philippine Statistics Authority on Thursday revealed.
Declines were recorded in the imports of iron and steel which fell by 41.7%; miscellaneous manufactured articles by 15.3%; transport equipment by 10.9%; electronic products by 10.8%; industrial machinery and equipment by 8.6%; telecommunication equipment by 1.3%; and other food and live animals by 1.0%.
It was followed by Indonesia with $1.07 billion or 10.4%, Japan with $809.85 million or 7.9%; USA with $699.75 million or 6.8%; and the Republic of Korea with $697.85 million or 6.8%. Six of the 10 major commodity groups posted annual decreases — coconut oil by 39.5%; chemicals by 24.7%; electronic products by 13.9%; other manufactured goods by 9.8%; metal components by 3.0%; and electronic equipment and parts by 2.7%.
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