Preliminary data released by the PSA yesterday showed the balance of trade in goods or the difference between the value of exports and imports amounted to a $4.13-billion deficit in August, lower than the $6.03-billion shortfall in the same month in 2022.MANILA, Philippines — The country’s trade deficit narrowed by 31.5 percent in August from the same month last year as exports rose while imports declined, according to the Philippine Statistics Authority .
Aside from electronic products, other commodity groups with the biggest annual increase in export value in August were cathodes and sections of cathodes of refined copper as it went up by $127.92 million, and gold, which rose by $78.24 million. The electronic products commodity group posted the biggest annual drop in imports value at $643.72 million.
In the January to August period, the country’s trade deficit amounted to $36.31 billion, narrower than the $41.86 billion in the same period last year.In particular, exports declined by 6.6 percent to $47.81 billion in the January to August period from $51.18 billion in the same period last year.GCash offers online shopping protection via GInsure for only P34
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