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The trade deficit drops to USD4.8 billion in September.

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According to data released by the Philippine Statistics Authority (PSA) on Friday, the country’s trade deficit decreased to $4.82 billion in September from $6.02 billion in August.

This came about as a result of the nation’s higher September exports and lower September imports compared to August.

Philippine exports reached USD7.16 billion in comparison to USD6.41 billion, an increase of 11.6% month over month.

The export value in September also broke the previous six-month record.

Export earnings in September 2022 totaled USD 6.69 billion, a 7 percent increase over the same month the previous year.

According to PSA, the industries that saw the biggest increases in exports in September were ignition wiring sets and other wiring sets used in cars, airplanes, and ships, which saw a 25.4 percent increase; electronic products, which saw a 19.3 percent increase; machinery and transport equipment, which saw a 7.5 percent increase; electronic equipment and parts, which saw a 7 percent increase; and other manufactured goods, which saw a 5.6 percent increase.

The United States of America, which received 16.4% of all exports from the Philippines in September, Hong Kong, Japan, China, and Singapore are the top five export destinations (5 percent).

In contrast, imports fell by 3.6 percent in September of this year, to USD11.98 billion from USD12.43 billion in August.

Imports in September jumped 14.1% year over year from USD10.5 billion in 2021.

Five industries saw double-digit import growth, according to the PSA. Mineral fuels, lubricants, and allied products saw a 64.2 percent increase, followed by transport equipment (53.3 percent), miscellaneous manufactured goods (33.7 percent), organic and inorganic chemicals (31%), and other food and live animals (268.8 percent).

China accounted for 20 percent of all imports in September, followed by Indonesia (11.3 percent), Japan (9.5 percent), South Korea (6.9 percent), and the United States (6.8 percent).

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