Trade deteriorates in Q3 2023: The deficit expected to widen further.
20 February 2024
Trade performance deteriorated in Q3 2023, as the value of exports decreased while increasing for imports. Total imports increased by 13.8% to P22.75 billion in Q3 2023, up from P19.9 billion in Q2. Imports increased for all commodity groups except for Chemicals & Rubber Products and Salt Ores & Related Products. On the other hand, total exports decreased by P3.54 million to P19.61 billion in Q3 2023, a decline of 15.3%. The decline in exports was driven mineral exports which fell by 16.7% during the period. The greater value of imports compared to exports resulted in a trade deficit of P3.14 billion in Q3 2023, down from a surplus of P3.16 billion in Q2 2023. The trade deficit widened further in October and November 2023, to P11.27 billion, as the value of exports fell substantially to P6.80 billion. Diamond exports fell sharply in October and November (P3.65 billion) recording levels last seen in 2020 during the Covid-19 pandemic.