The Philippines’ trade-in-goods deficit widened in 2024, the largest trade gap in over two years as imports picked up while exports continued to decline, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary data from the PSA showed the country’s full-year trade balance — the difference between the values of exports and imports — grew by 3.1% year on year to $54.21-billion deficit in 2024 from the $52.59-billion gap a year earlier.
The latest figures marked the lowest trade gap since the $57.65-billion deficit in 2022.
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