The Philippine Foreign Trade boosted by 12.9%, amounting to $216.20 billion in 2022 from $191.58 billion in 2021. However, the imports further broadened the country’s trade gap by 38%, according to the Philippine Statistics Authority (PSA) data.
The total foreign trade of imports, which comprised 63.5%, grew 17.4% to $137.22 billion in 2022 from $116.89 billion in 2021 as the economy regains momentum to recover from the pandemic. Some imports are raw materials to semi-processed or finished goods for export. Thus, Exports likewise gained, but at a slower pace of 5.7% to $78.98 billion from $74.693 billion, which led to a trade deficit.
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