Trade gap widens to $4.69 B in Nov

The country’s trade deficit in November widened to a seven-month high as imports left negative territory, while exports continued to decline.

- LOUELLA DESIDERIO

Preliminary data from the Philippine Statistics Authority (PSA) yesterday showed the balance of trade in goods – the difference between exports and imports – amounted to a $4.69-billion deficit in November 2023, a 26-percent increase from the $3.72 billion shortfall in the same month in 2022.

The November trade gap was the widest in seven months or since the $4.84 billion shortfall in April 2023. It is also wider than the $4.39 billion deficit in October 2023.

Imports amounted to $10.820 billion in November, up slightly from $10.817 billion in the same month in 2022. This marked the first time that imports posted a slight gain since the 4.2 percent gain in January 2023.