PH trade deficit narrows to $3.51 billion in November

The Philippines' trade deficit in goods narrowed by 28.8% to $3.51 billion in November, the lowest in nine months, compared to $4.94 billion in the same month last year.

This improvement was driven by a 21.3% increase in export growth to $6.91 billion, led by electronics shipments, while imports eased by 2% to $10.42 billion.

Month-on-month, the deficit also contracted by 8.4% from October's $3.83 billion.

Hong Kong surpassed the United States as the Philippines' top export market in November, accounting for 16.9% of total exports.

The cumulative trade deficit for January-to-November decreased by 9.3% to $45.2 billion compared to the same period last year.

Despite concerns over tariffs, the sustained export growth offers optimism for the Philippine economy in the fourth quarter.