The Philippines opened the year with a wider trade deficit even as imports contracted and exports expanded during the month, data released by the Philippine Statistics Authority on Tuesday revealed.Preliminary data showed that the balance of trade in goods or the difference between the value of exports and imports stood at a $4.221-billion deficit in January, wider than the $4.178-billion deficit the previous month, but narrower than the $5.557-billion deficit in January 2023.
The United States was the biggest recipient of Philippines' exports with $869.25 million, followed by Hong Kong with $761.08 million, China with $624.79 million, and South Korea with $356.16 million.Imports, meanwhile, increased to $10.157 billion from $9.962 billion in December, but declined from $10.997 billion in January 2023.The highest annual decline was recorded in the value of imported goods of mineral fuels, lubricants, and related materials which fell by $733.27 million to $1.
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