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Financial News: Philippine November Trade Deficit Widens

Philippine November Trade Deficit Widens

01/11/2022 - 01:58:00 (RTTNews)

(RTTNews) - The Philippines' trade deficit for November widened from a year ago with the growth in imports far exceeding that of exports, preliminary data from the statistical authority showed Tuesday. The trade deficit widened to $4.71 billion from $2.14 billion in the same month a year ago. In October, the shortfall was $4.02 billion.

Exports grew 6.6 percent year-on-year in November, following a 2.0 percent gain in the previous month. The pace of growth was the strongest in three months.

Shipments of coconut oil jumped 95.0 percent, followed by those of electronic equipment and parts, up 33.9 percent, and exports of chemicals, up 31.8 percent. The export value for Personal Protective Equipment (PPE) to fight the Covid pandemic and medical supplies slumped 71.6 percent year-on-year after an 84.7 percent fall in the previous month. Within this group, export for surgical face mask dropped 95.6 percent annually.

Imports surged 36.8 percent annually, the strongest pace in five months, after a 25.1 percent increase in October. Imports of medicinal and pharmaceutical products soared 231.1 percent, followed by those of mineral fuels, lubricants, and related materials, up 141.2 percent. Imports of cereals and cereal preparations surged 132.4 percent.

In November, imports of PPE and medical supplies rocketed 1,670.8 percent versus 749.9 percent in the previous month.

The US attracted most of the Philippine exports, while most of the imports came from China.

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