NextGen Day

The nation’s exports decreased month over month in November 2022, although the trade deficit slightly increased.

According to data released on Tuesday by the Philippine Statistics Authority (PSA), the country’s overall commerce in November totaled US$17.88 billion, down 4.5 percent from US$18.73 billion in the prior month.

Despite the month-over-month fall in total trade, the deficit in the goods balance of trade increased to USD 3.68 billion from USD 3.31 billion in October 2022.

In November, imports and exports both fell.

While imports decreased by 2.2 percent to USD10.78 billion from USD11.02 billion, export revenues dropped by 7.9 percent month over month to USD7.1 billion from USD7.7 billion.

In comparison to the same month in 2021, when total trade was USD17.26 billion, it increased by 3.6 percent in November.

The trade deficit decreased from USD4.71 billion in November 2021 by 21.9 percent.

In the same time frame, exports increased by 13.2% from USD 6.27 billion while imports decreased by 1.9% from USD 10.98 billion.

Five of the top 10 key commodity groupings saw annual gains in the value of exports, according to PSA.

Mineral products increased by 51% in November of last year, followed by ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships, which increased by 23.1%; electronic products, which increased by 22.9%; cathodes and sections of cathodes made of refined copper, which increased by 8.7%; and other manufactured goods, which increased by 4.8%.

The biggest losers in export revenue were chemicals, which fell by 15.1%, metal components, which fell by 19.2%, and coconut oil, which fell by 35.2%.

With 64.3 percent of all export income coming from electronic products in November 2022, the Philippines continued to be the world’s top exporter.

“From January through November 2022, the total annual export revenues have reached USD73.17 billion. This is a 7.0 percent yearly growth from the total annual export value of USD68.37 billion from January to November 2021, according to PSA.

In November of last year, Hong Kong, the United States, Japan, China, and Singapore were the top export destinations for Philippine goods.

In contrast, imports fell in November 2022, primarily as a result of a 10.1% drop in imports of electronic items, which were the most common imports during that month.

Transport equipment, down 8.8%; cereals and grain processing, down 5.9%; and industrial machinery and equipment, down 3.5%, are three more significant product groupings that have seen declines.

China, Indonesia, Japan, the United States, and South Korea were the nation’s top import suppliers in November 2022.

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