Exports reverted to negative territory in October while imports sustained double-digit decline for the ninth straight month, which economists said reflected the Philippines’ slow economic recovery from the pandemic-induced recession.
The latest preliminary Philippine Statistics Authority (PSA) data on Thursday showed October merchandise exports shrank by 2.2 percent year-on-year to $6.2 billion, reversing the 2.9-percent growth posted in September.
Imports fell by a faster 19.5 percent year-on-year to $7.98 billion compared to the 15.3-percent drop in the previous month.
Two-way external trade in October declined 12.8 percent year-on-year to $14.18 billion, a bigger contraction …
Keep on reading: Exports return to negative territory; imports continue free fall