The country’s trade deficit narrowed to its lowest level in five-months after exports accelerated while imports further contracted in November last year, data from the Philippines Statistics Authority (PSA) showed.
The gap in the trade balance, or the difference between the value of export and import, was slashed by almost half last November from $3.65 billion in the previous year to $1.73 billion.
The significant reduction in trade deficit was seen after exports rose at the fastest pace in 10-months, while imports declined to its lowest level since August, data from the PSA showed.
As of November last year, country’s trade deficit was cut by 48 percent from $37.7 billion a year ago to only $19.66 billion after the coronavirus wreaked havoc on the global trade demand.
In November, total export sales improved by three percent to $5.79 billion from $5.62 billion last year. This growth was the highest since the 9.4 percent seen in January 2020.
Exports to the United States comprised the highest value amounting to $956.80 million, or 16.5 percent of the total during the month.
The US was followed by the People’s Republic of China with $923.65 million, Japan with $872.95 million, Hong Kong with $736.13 million and Singapore with $313.89 million.
At end-November, the value of the nation’s exports reached $57.97 billion, lower by 11 percent compared with $65.17 billion in the same period in 2019.
Import receipts, meanwhile, dropped by 19 percent from $9.27 billion last year to $7.52 billion. This level of contraction is the worst since the 21.3 percent registered in August 2020.
China was still the country’s biggest supplier of imported goods valued at $2.02 billion, equivalent to 26.8 percent of the total last year.
Other top importers were Japan with $734.35 million, US with $554.40 million, Indonesia with $545.58 million and South Korea with $528.88 million.
The November imports brought the country’s total value of imported good in the first 11-months to $77.63 billion, a reduction of 24.5 percent year-on-year from $102.88 billion.