2023.01.2606:34:00UTC+00Philippines Trade Deficit Narrows, Exports Fall 9.7%

The Philippine trade deficit narrowed in December from the last year, as imports declined more than exports, the Philippine Statistics Authority showed on Thursday.

The trade deficit decreased to $4.596 billion in December from $5.116 billion in the same month last year. In November, the trade deficit was $3.709 billion.

Exports dropped 9.7 percent yearly in December, after a 13.2 percent growth in November.

The latest annual fall in shipments was the lowest since August 2020, when exports fell 12.7 percent. Electronic products continued to be the country's top export in December.

Imports fell 9.9 percent annually in December, following a 1.6 percent gain in the previous month. This was the lowest since January 2021.

In the January to December period, exports grew 5.6 percent from a year ago and imports rose 17.3 percent.