The Philippine trade gap narrowed in October from both the previous month and the same period in 2019, as the drop in imports outpaced that of exports.
Philippine Statistics Authority data showed the balance of trade in goods fell 50% to a 1.78-billion-dollar deficit in October from the 3.57-billion-dollar deficit the same month last year and the 1.78-billion-dollar deficit in September.
A deficit indicates the value of a country’s imports exceeded export receipts, while a surplus indicates more export shipments than imports.
Total trade for the month fell 12.8% to 14.2 billion dollars from 16.3 billion last year, and 14.3 billion in September.
The PSA said, “By major trading partner, exports to the U.S. comprised the highest export value amounting to one billion dollars or a share of 16.3% to the total exports during the month. [China] was the country’s biggest supplier of imported goods valued at [two billion dollars or 24%] of the total imports.”