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According to data released on Tuesday by the Philippine Statistics Authority (PSA), there was a $3.31 billion imbalance in the country’s trade balance in October of this year.

However, the nation’s trade imbalance in October decreased by 31 percent and 13.5 percent, respectively, on a monthly and yearly basis. The trade deficit in October 2021 was USD 3.82 billion, while the deficit in September 2022 was USD 4.84 billion.

This is because imports decreased in October compared to the previous month, while exports continued to grow.

Philippine exports brought in USD 7.69 billion in October 2022, an increase of 7.4% over the USD 7.16 billion exported in September of this year. Additionally, it was 20 percent greater than exports of USD 6.41 billion from the previous year.

While imports climbed by 7.5 percent year over year from USD10.2 billion, they decreased by 8.4 percent month over month from USD12 billion.

“As of October 2022, the nation’s total external commerce in goods stood at USD18.70 billion, representing a 12.3 percent annual growth rate from its level during the same time the year prior. Its annual growth rate was 11.5 percent in September 2022 and 13.8 percent in October 2021, respectively, according to PSA.

In October, imports made up 58.8% of the nation’s foreign trade, while exports made up 41.2 percent.

With a share of 66.3 percent (USD 5.1 billion) of all export sales, electronic devices continue to be the largest export of the nation.

Electronics export revenues increased by 39.6 percent, followed by ignition wiring sets and other wiring sets used in cars, airplanes, and ships, which increased by 26.1 percent, and machinery and transport equipment, which increased by 1.9 percent.

Hong Kong, the United States, Japan, China, and Singapore were the top export destinations for Philippine goods in October, each receiving USD 1.28 billion, USD 1.18 billion, USD 999.67 million, and USD 959.9 million (438.03 million).

With imports of USD2.88 billion, electronics were likewise the biggest imported product in October. However, year over year, imports of electronics decreased by 0.4%.

Imports of metalliferous ores and metal scrap increased by 462.7 percent in October, followed by transport equipment at 46.3 percent, other food and live animals at 40.3 percent, mineral fuels, lubricants, and associated materials at 29.7 percent, and miscellaneous manufactured goods at 10.2 percent.

China ($2.22 billion), Indonesia ($1.27 billion), Japan ($1.01 billion), South Korea ($920 million), and the United States were the top importers for the nation in October (USD767.87 million).

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