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
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Finalists Announced for the 41st National Book Awards in the PhilippinesThe National Book Development Board and the Manila Critics Circle have revealed the finalists for the 41st National Book Awards, an annual prize that recognizes outstanding book titles in the Philippines. The winners will be awarded in February 2024, coinciding with the country's preparation for its Guest of Honor role at the Frankfurter Buchmesse in 2025.
Read more »
Transport strike called in the Philippines to protest franchise consolidation deadlineA group in the Philippines has called for a three-day nationwide transport strike starting on Monday to protest the December 31 deadline for franchise consolidation under the PUV Modernization Program.
Read more »