The Philippines continued to record a trade deficit in October 2022, albeit narrower month-on-month and year-on-year, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.
The balance of trade in goods — the difference between the value of exports and imports — posted a $3.306-billion deficit in October to reflect a 13.5% annual decrease.
Exports grew by 20.0% to $7.695 billion from $6.412 billion the same month last year. Receipts were also higher than the $7.163 billion in September. Hong Kong was the biggest export partner for the month with $1.28 billion or 16.6% of the total for the month, followed by the USA with $1.18 billion, Japan with $999.67 million, China with $959.59 million, and Singapore with $438.03 million.
Imports for the month increased by 7.5% to $11.002 billion from $10.234 billion in October 2021, but decreased from $12.006 billion in September.
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