The Philippines’ balance of trade in goods saw an almost 100% deficit in June as growth in imports continues to surpass exports, a sign of recovering international trade from the COVID-19 pandemic, data released by the Philippine Statistics Authority (PSA) showed Friday.
PSA data showed the country’s trade gap stood at $2.83 billion, up 98.5% from $1.42 billion in the same month last year.
Balance of trade in goods is the difference between the value of export and import. A deficit indicates that the value of a country’s imports exceeded export receipts, while a surplus indicates more export shipments than imports.
Total external trade, the summation of imports and exports, amounted to $15.84 billion, up 26.8% from $12.5 billion in June 2020.
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