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Philippines' total external trade declines by 7.2 pct in August

MANILA
2023-10-10 11:25

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MANILA, Oct. 10 (Xinhua) -- The Philippines' total external trade in goods declined by 7.2 percent in August 2023 to 17.53 billion U.S. dollars from 18.89 billion dollars in August 2022, the Philippine Statistics Authority (PSA) said Tuesday.

Of the total external trade in August, the agency said 61.8 percent were imported goods, while the rest were exported goods.

The PSA said the balance of trade in goods, or the difference between the value of exports and imports, amounted to -4.13 billion dollars in August this year, indicating a trade deficit with an annual decrease of 31.5 percent.

China was the Philippines' largest supplier of imported goods, valued at 22.4 percent of the country's total imports in August, the PSA said.

Exports to the United States comprised the highest export value in August, amounting to 1.1 billion dollars, or a share of 16.4 percent of the total exports, it added.
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