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The country’s trade deficit ballooned further in March as Philippines imported more goods from its trading partners, outpacing the growth in exports of local products following the reopening of the domestic economy from quarantine restrictions.

Exports of Philippine-made goods rose at a much faster pace at 12 percent in the first two-months of the year owing to strong demand for electronic products, the government announced.

Trade deficit, which is the difference between the value of export and import of a country, jumped by 63 percent in the first month of the year as Filipinos bought more foreign-made products, the Philippine Statistics Authority (PSA) reported on Friday, March 11.

Trade deficit ballooned last year as Philippine purchases of goods from abroad outpaced the rise in sales of locally-made products following the further reopening of the economy from quarantine restrictions.

The country’s trade deficit widened to a new record high in November last year as Philippine purchases of goods from abroad accelerated following the further reopening of the economy from quarantine restrictions.

Two poultry farms from the Philippines have been approved by the South Korean government to export chicken to the East Asian country.

The country’s goods purchases from abroad rose at a much faster pace than the sales of Philippine-made goods overseas, bringing the nation’s trade deficit in September to its widest in nearly three years.

Amid global recovery, the country’s merchandise exports grew by double digits in August, but the expansion was still short to outpace the strong growth in imports that resulted in a wider trade-in-goods deficit.

The trade activity in the Philippines is continuing to show recovery, the Department of Finance (DOF) said, but the government should still continue to be vigilant with the prevalence of the highly transmissible Delta variant.

The Philippines targets to become the top exporter of coconut products to China, next to other ASEAN countries like Indonesia, Thailand, Vietnam and Malaysia.

The country’s trade deficit widened in July amid the gradual reopening of the local economy.

The Department of Agriculture-High Value Crops Program (DA-HVCP) has identified “saba” banana chips as among the emerging local commodities for export to countries like China, United States (US), Germany, Netherlands, and the United Kingdom (UK).

The country’s trade deficit narrowed in June to its lowest level in three-months, data from the Philippine Statistics Authority (PSA) showed.

The country’s exports continued to recover, growing 29.8 percent in May this year, spurred by the reopening of major economies globally.

The country’s trade deficit doubled in May this year as imports expansion outweighed exports growth during the month, data from the Philippine Statistics Authority (PSA) showed.

The Philippines agricultural trade went up during the first quarter of the year, but this was mainly due to the higher amount of imported products that entered the country during the period.

The country’s international trade doubled in April after both imports and exports jumped at their fastest pace in more than a decade, the Philippine Statistics Authority (PSA) reported.

The strong economic cooperation between the Philippines and China has generated “great rewards” for both nations to propel towards economic recovery during the pandemic, according to a Chinese diplomat.