October trade shortfall grows
In October, imports fell 4.4 percent to $10.54 billion from $11.02 billion in the same month a year ago
Daily TribuneIn October, imports fell 4.4 percent to $10.54 billion from $11.02 billion in the same month a year ago
Trade figures finished October in a wider deficit amid double-digit declines in both imports and exports, the Philippine Statistics Authority, or PSA, said on Tuesday.
Data from the statistics bureau showed the trade gap at $4.17 billion for October, higher by 26 percent from $3.31 billion from the same month last year.
A trade deficit happens when a nation's import receipt exceeds its export revenue.
In October, imports fell 4.4 percent to $10.54 billion from $11.02 billion in the same month a year ago.
Imports of electronic products decreased by $590.51 million to $2.19 billion, while mineral fuels, lubricants, and related materials dropped by $99.34 million to $1.79 billion.
Other food and live animal imports also saw a decline of $71.48 million, totaling $409.09 million.
China stood as the largest supplier of imported goods, amounting to $2.6 billion, followed by Indonesia at $917.5 million, Japan at $834.9 million, the Republic of Korea at $785.8 million, and the USA at $711.8 million.
In the year to October, imports totaled $104.97 billion, marking a 9.6 percent decrease from the $116.08 billion recorded in the corresponding period last year.
Exports down
Exports dropped by 17.5 percent to $6.36 billion, down from $7.71 billion the previous year and slightly below September's $6.73 billion.
The most significant declines were seen in electronic products, down by $1.476 billion, followed by other copper concentrates, decreasing by $43.09 million.
Additionally, coconut oil saw a decrease of $23.22 million, gold dropped by $15.21 million, and miscellaneous manufactured articles were down by $13.19 million.
Out of the total exports, manufactured goods made up the largest share, contributing $5.19 billion (81.5 percent), followed by mineral products at $599.36 million (9.4 percent), and agro-based products totaling $418.59 million (6.6 percent).
The United States of America took the lead as the primary destination for exports, totaling $1.02 billion, followed by Japan with $902.65 million, the People's Republic of China with $880.37 million, Hong Kong with $759.02 million, and the Republic of Korea with $317.38 million in export value.