The trade deficit widened in October to USD4.17 billion as the value of exports fell more sharply compared to the decline in the value of the country’s imports.
The Philippine Statistics Authority on Tuesday reported that total export in October dropped 17 percent year-on-year to USD6.36 billion while import declined by 4.4 percent to USD10.54 billion.
The trade deficit in October was wider than the USD3.68 billion in September and USD3.31 billion in October last year.
The PSA said the electronic products, the country’s main export item, declined by USD1.48 billion in October to USD3.62 billion from USD5.09 billion in the same period last year. The value of copper concentrates and coconut oil exports also dropped 76 percent and 17 percent, respectively.
Meantime, import of electronic products fell 21 percent on year to USD2.19 billion while purchases of oil and lubricants declined 5.3 percent to USD1.79 billion.
China, Indonesia, Japan, South Korea and the U.S. emerged as the main source of imports in October while the U.S., Japan, China, Hong Kong, and South Korea are the main markets for Philippine exports.
