Exports in August grew at the fastest rate this year, led by the recovery of the electronics sector, data from the Philippine Statistics Authority show.
“The commodity group with the highest annual increase in the value of exports in August 2023 was electronic products with $221.73 million. This was followed by cathodes and sections of cathodes, of refined copper with an annual increase of $127.92 million and gold with an annual increase of $78.24 million,” the PSA said in a statement posted on its website.
Meanwhile, the trade deficit in August eased by 31.5 percent to $4.127 billion from $6.025-billion shortfall a year ago, as exports outpaced imports. This brought the trade deficit in the first eight months to $36.31 billion, lower than the $41.86-billion shortfall a year ago. Total imports in the first eight months reached $84.12 billion, or 9.6 percent lower than $93.05 billion in the same period last year, according to the PSA.
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