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Exports fell 2.2 percent in October to $ 6.20 billion from $ 6.34 billion a year ago, the Philippine Statistics Authority said on Thursday. The figure brought total exports in the first 10 months to $ 52.11 billion, 12.5 percent less than the previous year. Meanwhile, imports contracted 19.5 percent in October to $ 7.98 billion from $ 9.91 billion in the same month last year. Imports in the 10-month period were also down 26.2 percent to $ 70.04 billion from $ 93.61 billion a year ago. The National Authority for Economy and Development said the government would prioritize the safe opening of the economy and connectivity and logistics reforms to reduce costs and improve the competitiveness of the commercial sector amid the COVID-19 pandemic. Acting Secretary for Economic Planning Karl Kendrick Chua said that despite declines in exports and imports, there were some positive findings from the trade data. He said merchandise exports to the country’s main regional trading partners, such as China and ASEAN, grew by double digits.
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