Higher Record Trade Deficit in November 2017 as Compared to November 2016
- Lovely C. Angeles
- Jan 10, 2018
- 1 min read
The Philippine Statistics Authority (PSA) posted a higher record trade deficit of $3.78 billion in November 2017 as compared to the $2.49 billion in November 2016.
The record shows that the total external trade improved from $12.26 billion to $13.71 billion.
The total exports on the other hand, also increased from $4.89 billion last November 2016 to $4.96 billion last year of the same month.
Furthermore, the total imports raised from $7.38 billion in November 2016 to $8.74 billion in November 2017.
The Philippines’ increase of imported goods than the exported ones means a deficit on the Balance of Trade in Goods (BoT-G) and could affect the value of Philippine Peso in the foreign market.
Among the top Philippine exports are cathodes, gold, electronic equipment, and metals while the top Philippine imports are organic chemicals, mineral fuels, iron, and steel.
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