Trade deficit widens to 26-month high in Oct

The country posted its biggest trade gap in over two years in October as exports dropped while imports increased.

- - Louella Desiderio

Preliminary data released by the Philippine Statistics Authority (PSA) yesterday showed the balance of trade in goods, or the difference between the value of exports and imports, amounted to a $5.80-billion deficit in October, 36.8 percent higher than the $4.24 billion gap in the same month last year.

The October trade deficit is the largest in 26 months or since the $5.99 billion shortfall posted in August 2022.

It is also higher than the $5.10 billion trade deficit in September this year.

From January to October, the country's trade deficit reached $45.22 billion, wider than the $43.64 billion in the same period last year.

PSA data also showed the country's exports of goods dipped by 5.5 percent to $6.16 billion in October from $6.52 billion in the same month of the previous year.