The country’s trade deficit widened 26.5 percent in September, according to the latest data released by the Philippine Statistics Authority (PSA). Know more:
The country’s trade deficit widened 26.5 percent in September, according to the latest data released by the Philippine Statistics Authority .
“The balance of trade in goods is the difference between the value of export and import,” PSA said. “The trade deficit in the previous month recorded an annual increase of 81.9 percent, while in September 2021, it was posted at 68.1 percent.” “The year-to-date annual total export earnings, that is from January to September 2022, amounted to $58.31 billion. This represents an annual increase of 4.7 percent compared with the year-to-date annual total export value earned in January to September 2021,” PSA said.
The annual growth in the value of imported goods in September 2022 was mainly due to the increases in imports of seven of the top 10 major commodity groups, with mineral fuels, lubricants, and related materials having the fastest annual growth rate of 64.2 percent.
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