Philippines posts record trade deficit in December

The Philippines recorded a record-high trade deficit in December 2021 due to double-digit growth in imports.

Exports grew by 7.1% to $6.27 billion, while imports surged by 38.3% to $11.48 billion, resulting in the largest monthly trade gap since June.

For the full year 2021, the country's foreign trade-in-goods deficit reached a three-year high of $43.1 billion as imports outpaced exports, reflecting economic recovery and robust domestic demand.