The Philippines’ trade deficit widened by 38 percent to $58.3 billion in 2022 from $42.2 billion in 2021 as imports show signs of recovery from market disruptions caused by the pandemic in 2020, according to preliminary data at the PSA. | RonWDomingoINQ
In December, total trade amounted to $15.9 billion or 9.9 percent less than the $17.7 billion exchanged in the same month of 2021.
Nicholas Mapa, senior economist at ING Bank, observed that monthly exports finally contracted while imports continued to implode. Ricafort said export receipts were at the lowest in nearly two years amid lower global commodity prices that reduced the value of some export items as well as worries about a recession in the US that reduced some demand for exports.He added that the monthly import bill was at a 10-month low amid the downward correction in the prices of global crude oil and other major global commodities that are bound for the Philippines.
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