Philippines November trade deficit at $3.7 billion

January 10, 2023 - 2:08 PM
Trading boats
The economic impact of the intensifying trade war between Washington and Beijing appeared to deepen last month with factory activity and export orders weakening across Asia. (Philstar/File photo)

The Philippines recorded a trade deficit of $3.7 billion for November PHTBAL=ECI, despite a decline in the value of imports and a rise in exports, government data showed on Tuesday.

Imports PHIMP=ECI declined 1.9% from a year earlier to $10.8 billion, the first monthly drop since January 2021 and the lowest monthly value recorded since February last year. Exports PHEXP=ECI grew 13.2% to $7.1 billion, the Philippine Statistics Authority said.

The government will release December trade figures on Jan. 26.

—Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Ed Davies