PHL trade deficit at 10-mo. high in Nov.

The Philippine balance of trade in goods (BOT-G) widened by more than 162 percent in November 2017 from a year earlier, data released by the Philippine Statistics Authority (PSA) on Tuesday showed.

"The balance of trade in goods (BOT-G) for the Philippines in November 2016, registered a deficit of $2.566 billion, higher than the $976.87 million trade deficit in the same month last year," the statistics office said.

The trade deficit in November was the highest in 10 months since it registered at $2,638 in January 2016.

Imports amounted to $7.297 billion, up from $6.094 billion in November 2015, while exports reached $4.732 billion, down from $5.117 billion.

Despite the deficit, the manufacturing sector actually improved, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on the sidelines of a briefing

"Manufacturing is doing well. So, in terms of supply of exports that will not be a constraint," he said.

Both the value and volume of manufacturing output recorded double-digit growths year-on-year, the PSA also reported on Tuesday.

The Value of Production Index (VaPI) picked up by 10.6 percent in November, while Volume of Production Index (VoPI) registered at 14.6-percent.

Pernia is betting that the country will post better export numbers this 2017. "It's going to pick up and, hopefully, go beyond zero to positive."

In term of specific markets, better relations with China and Russia are expected to pick up the slack in shipments, the Cabinet official noted. "Exports to China, especially in terms of agriculture goods and fruits, our fruits are going to be more welcome in China and also in Russia."

Seizing the "geographic advantage" between China and the Philippines is important to boost trade, investment and economic growth, according to China.

As developing nations both countries should transform this geographic advantage into economic gains, Jin Yuan, commercial counselor at the Chinese Embassy in Manila, said.

The Philippines is also eyeing Russia as an emerging market for agriculture products.

Other than trade in agriculture, Russia is also open to engaging in other forms of business with the Philippines. "And they're also interested in medicine – herbal medicine – and tourism," Pernia said. — Jon Viktor Cabuenas/GMA News