News

Philippine trade deficit widened to $4.174B in October

Pak Wan
Philippines
Market & Price Trends
Published Dec 13, 2023

Tridge summary

The Philippines trade deficit widened in October as exports decreased at a faster rate than imports. This resulted in a $4.174-billion deficit, which was higher than the previous year and the previous month. The biggest annual drop in exports was in electronic products, while the United States remained the biggest recipient of Philippine exports.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Philippine trade deficit widened in October even as exports contracted at a faster rate than imports, data released by the Philippine Statistics Authority (PSA) on Tuesday revealed. Preliminary data showed that the balance of trade in goods (BoT-G) posted a $4.174-billion deficit in October, higher than the $3.583-billion deficit in September, and the $3.313-billion deficit the previous year. A deficit indicates that the value of a country's imports exceeded export receipts, while a surplus indicates more export shipments than imports. Exports for the month were recorded at $6.364 billion, reflecting a 17.5% decline from $7.711 billion the previous year, and lower than the $6.732 billion in September. The biggest annual drop was seen in the export of electronic products, which fell by $1.476 billion to $3.623 billion, followed by copper concentrates by $43.09 million to $13.97 million, coconut oil by $23.22 million to $114.57 million, gold by $15.21 million to $76.58 million, ...
Source: Gmanetwork
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