The Philippine Statistics Authority (PSA) reported that country's trade deficit widened in November last year due to the significant decline in exports and a rise in imports.

Preliminary data from the PSA showed that the trade in goods resulted in a deficit of $4.7 billion in November, an increase from the $3.7 billion shortfall in the same month a year earlier, yet lower than the $4.4 billion deficit in October 2023.

Exports for the month were recorded at $6.1 billion, reflecting a 14 percent decline from $7.7 billion in November 2022, and lower than the $6.4 billion in October.

The biggest annual decline was noted in the export of electronic products, which fell by $1.1 billion to $3.4 billion, followed by coconut oil by $26.8 million to $71.8 million, gold by $18.6 million to $66.4 million, unmanufactured tobacco by $16.5 million to $5.5 million, and electronic equipment and parts by $16.4 million to $86.4 million.

Exports of manufactured goods still had the largest shares in total exports with $5 billion or 81 percent, followed by mineral products with $596.6 million or 10 percent, and total agro-based products with $379.7 million or six percent.

Of major trading partners, the United States of America remained the biggest recipient of Philippine exports, accounting for $970.2 million. It was followed by Japan with $949.7 million; the People’s Republic of China with $821.5 million; Hong Kong with $721.5 million; and the Republic of Korea with $326.5 million.

Meanwhile, the total imported goods for the month amounted to $10.8 billion, or 0.02 higher than the $10.8 billion recorded in November 2022 and $10.8 billion in October 2023.

The biggest increase was seen in transport equipment, which grew by $340.7 million to $1.2 billion, followed by metalliferous ores and metal scrap, up by $146 million to $274 million, and miscellaneous manufactured articles, by $108.8 million to $462.2 million.

Increases were also seen in the imports of medicinal and pharmaceutical products, which swelled by $42.2 million to $200.4 million, and iron and steel, by $34.2 million to $416 million.

Raw materials and intermediate goods had the largest share of imports for the month with $3.9 billion or 36.2 percent, backed by capital goods with $3 billion or 28 percent, and consumer goods with $2.3 billion or 21 percent.

China was still the top supplier of imports, with $2.7 billion or 25 percent. Completing the top five sources are Indonesia with $1 billion, Japan with $892.2 million, South Korea with $714.2 million, and the United States of America with $654.5  million.

From January to November, exports declined by eight percent to $67 billion, while imports also decreased by nine percent to $116 billion.