Philippines reports largest trade deficit in over two years, reaching $5.8 billion in October 2024.

The Philippines saw its largest trade deficit in over two years in October 2024, reaching $5.8 billion, up 36.8% from the previous year. This is due to a 5.5% drop in exports and an 11.2% rise in imports. Factors include global economic uncertainties, domestic policy changes, and the stronger peso making imports cheaper. Despite the deficit, the World Bank economist noted the growing economy and manageable financing conditions.

3 months ago
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