International trade records a deficit in 2023
29 April 2024
International trade activity slowed during the year to December 2023. The value of both imports and exports recorded in 2023 was lower than in the previous year, driven by the decrease in diamond imports and exports. Total imports decreased by 11.8% from P99.90 billion in 2022 to P88.12 billion in 2023. The value of exports fell much more, by 23.8% from P102.52 billion to P78.14 billion during the same period. The higher value of imports over exports has resulted in a trade deficit of P9.98 billion in 2023, from a trade surplus of P2.62 billion in 2022. International trade performance during 2024 is reflective of the dominance of diamonds, thus, urgent actions towards export diversification are imperative.