THE Philippines’ trade deficit narrowed in May to $4.4 billion as total external trade decreased, the Philippine Statistics Authority (PSA) said yesterday.
China also emerged as the Philippines’ top trading partner, consuming a major share of the country’s exports as well as being the top source of imported goods.
The trade deficit in May was smaller than the $5.56 billion gap booked in the same month last year, and the $4.84 billion recorded in April this year.
“In May 2023, the country’s total external trade in goods amounted to $17.28 billion, which indicates an annual decline of -5.1 percent from its level of $18.2 billion in the same period of the previous year,” the PSA said.
Exports in May amounted to $6.44 billion, which was slightly higher than the $6.32 billion booked in the same month in 2022.
Import costs meanwhile continued to surpass export receipts, hitting $10.84 billion during the month. The PSA however also noted that this was 8.8 percent lower than the $11.88 billion booked in the same month of the previous year.
Electronics made up the bulk or 57.5 percent of the country’s exports, while making up 20.3 percent of imports.
China topped the list of buyers of Philippine exports, consuming 16.6 percent of total exports during the month. It was followed by the United States at 15.7 percent, and Japan at 14.4 percent.
China was also the country’s biggest source of imported goods supplying 24 percent of the country’s total imports. It was followed by Indonesia at 8.5 percent, and Japan at 7.3 percent. The US and South Korea came in 4th and 5th respectively. (ABS-CBN News)
