Philippines: January trade deficit hits five-month high

The trade deficit in January rose 27.2% year-on-year to $5.74 billion, the highest in five months after the $6 billion recorded in August last year, according to the National Statistics Office. This is because exports fell 13.5% year-on-year to $5.2 billion, the lowest level in the last three years. Imports increased by 3.9% year-on-year to $11 billion. It greatly exceeded the $4.3 billion forecast by foreign bank ING. The trade deficit for the full year of 2022 was $58.3 billion due to the expansion of imports due to the economic recovery from the corona disaster. (14th Inquirer)