Financial News: Philippine Trade Gap Biggest In 5 Months As

Philippine Trade Gap Biggest In 5 Months As Exports Plunge 13.5%

03/14/2023 - 04:37:00 (RTTNews)

(RTTNews) - The Philippine foreign trade deficit increased notably at the start of the year, as exports fell sharply amid a rebound in imports, the Philippine Statistics Authority showed on Tuesday.

The trade deficit increased to $5.74 billion in January from $4.51 billion in the same month last year. Further, this was the biggest trade shortfall since August last year.

In December, the deficit was $4.50 billion.

Exports plunged 13.5 percent year-on-year in January, which was worse than the 7.7 percent fall in the prior month.

Meanwhile, imports grew 3.9 percent annually in January, reversing a 9.6 percent decline in December.

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