The Philippines' trade deficit narrowed by 31.5 percent, the state statistics bureau said on Tuesday.
MANILA — The Philippines' trade deficit narrowed by 31.5 percent to $4.13 billion in August, the state statistics bureau said on Tuesday.Total exports reached $6.7 billion in August, up by 4.2 percent compared to the $6.43 billion in the same period last year, data from the Philippine Statistics Authority showed.
This brought the total export earnings from January to August 2023 to $47.81 billion, lower by 6.6 percent from a year ago, the PSA said. Meanwhile, the total value of imported goods in June amounted to $10.83 billion, which is lower compared to the $12.46 billion in the same month last year, according to data.China is the country's biggest supplier of imported goods at $2.43 billion, comprising 22.4 percent of the country's total imports in June, the PSA said.
For the month, the total external trade in goods amounted to $17.53 billion, declining by 7.2 percent compared to the $18.89 billion in the same period the previous year, data showed.
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