THE Philippine Statistics Authority (PSA) said that the Philippine trade gap had narrowed during November, with imports having posted growth spurts and  exports had continued to decline.

Data from the PSA said that the balance of trade in goods (BoT-G) — the difference between the value of exports and imports — had posted a $4.693-billion deficit in November 2023.

This is lower than the $5.364 billion in October, but is 26.3% higher than the $3.717 billion in the same month in the previous year.

The PSA also recorded a deficit to which the value of a country’s imports had exceeded export receipts.

There is a surplus that indicates more export shipments than imports.

The exports for the month stood at $6.126 billion, which is lower than the $6.364 billion in October and 13.7% down from the $7.100 billion in November 2022.

Meanwhile, the biggest decline came in the exports particularly the electronic products which fell by $1.125 billion to $3.439 billion.

This is followed by coconut oil by $26.76 million to $71.82 million, gold by $18.61 million to $66.39 million, unmanufactured tobacco by $16.47 million to $5.55 million, and electronic equipment and parts by $16.45 million to $86.46 million.