MANILA — The Philippine Statistics Authority (PSA) reported a significant decrease in the country's trade deficit for September, showing a 27 percent reduction from the same month in the previous year.
According to Philippines News Agency, the trade deficit stood at USD 3.5 billion in September, down from USD 4.8 billion in September of last year, and showing a decline from August's USD 4.1 billion. Total external trade in goods amounted to USD 16.9 billion, which is almost 12 percent less than the USD 19.19 billion recorded in the corresponding month in 2022. The PSA further reported that total export sales saw a decrease of 6.3 percent to USD 6.73 billion from USD 7.18 billion in September last year. Electronic products experienced the highest reduction in export value, followed by declines in other manufactured goods and mineral products. The United States, the People's Republic of China, and Japan were noted as the major trading partners for the month. Imports also decreased by 14.7 percent to USD 10.24 billion from USD 12.01 billion in the previous year, with electronic products leading the drop in imported goods, followed by mineral fuels, lubricants, and related materials, and organic and inorganic chemicals. China remained the top source for imports to the Philippines.