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Philippines trade deficit in December hits highest in three months

The Philippines posted a trade deficit of $4.6 billion in December 2022, the largest trade deficit in three months, according to the Philippine Bureau of Statistics. This has pushed the full-year trade deficit to a 38% increase, reaching $58.3 billion compared to $42.2 billion in 2021.

In December 2022, the Philippines’ imports decreased by 9.9% to $10.3 billion year-on-year, marking the largest drop since January 2021. Meanwhile, exports decreased by 9.7% to $5.7 billion, the largest decline since August 2020.

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