Exports dip for third month in a row in December

Exports dropped for a third straight month in December, falling by 14.6% year-on-year, leading to annual growth of 5.5% in 2022.

The Commerce Ministry reported yesterday the customs-cleared value of exports contracted 14.6% to US$21.7 billion last month, while imports decreased by 12% to $22.8 billion, resulting in a trade deficit of $1.03 billion.

Exports of agricultural and agro-industrial products declined for three consecutive months, contracting 11.2% year-on-year in December to $3.59 billion.

Products that registered a decrease included rice (-4.1%), cassava products (-12.4%), rubber (-47.7%), canned and processed fruits (-20.5%), and sugar (-45.4%).

Industrial product exports also dipped for a third consecutive month, falling by 15.7% from December last year to $17.2…