Trade deficit widens further in Sept.
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Loading... - Qian Huang
- 04 Nov 2022
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Imports continued to outpace the country’s exports, resulting in a much wider trade deficit in September, the Philippine Statistics Authority (PSA) reported.
The PSA said on Friday, Nov. 4, that the country’s trade gap, or the difference between the value of export and import, jumped 26 percent to $4.82 billion in September from $3.81 billion in the same month last year.
Month-on-month, the trade deficit went down from $6.021 billion in August.
Export sales rose seven percent to $7.157 billion from $6.688 billion in the previous year. It also increased from $6.41 billion in the previous month.
Of the top 10 export groups, five recorded yearly increases in terms of the value.
These were ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (25.4 percent), electronic products (19.3 percent), machinery and transport equipment (7.5 percent), electronic equipment and parts (7.0 percent), and other manufactured goods (5.6 percent).
By major trading partner, exports to United States of America comprised the highest value amounting to $1.17 billion or a share of 16.4 percent.
Completing the top five major export trading partners were Hong Kong, $1.06 billion; Japan, $997.07 million; People’s Republic of China, $905.07 million; and Singapore, $360.69 million.
In the first nine-months, total export earnings reached $58.31 billion, up 4.7 percent year-on-year. Read More…
