By Chino S. Leyco The country recorded a narrower trade deficit in June this year after imports contracted during the month while exports slightly rose, data from the Philippine Statistics Authority (PSA) showed. The total trade-in-goods deficit of the Philippines shrank by 30 percent to $2.47 billion in June from $3.55 billion in the same month last year, the PSA data revealed. The trade gap narrowed after exports slightly improved by 1.5 percent to $6.01 billion from $5.92 billion a year ago. “This was due to the increases in export sales of the seven of the top 10 major export commodities,” the PSA said. These commodities were cathodes and section of cathodes, of refined copper (41.7 percent); fresh bananas (24.4 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (17.6 percent); gold (10.1 percent); electronic products (4.3 percent); machinery and transport equipment (3.0 percent) and other mineral products (1.1 percent). By commodity group, export of electronic products continued to be the country’s top export with total earnings of $3.54 billion. Electronic products accounted for 59 percent of the total exports’ revenue in June, moved up by 4.3 percent from the $3.40-billion export receipt in June last year. But despite the higher exports receipts, that value is still below the $8.48 billion worth of imports that entered the Philippines. It is, however, smaller by 10 percent compared with $9.47 billion last year. “The decrease was due to the decrements in nine of the top 10 major import commodities,” the PSA said. These were iron and steel (-40.3% percent); cereals and cereal preparations (-29.4 percent); industrial machinery and equipment (-20.7 percent); plastic in primary and non-primary forms (-16.4 percent); transport equipment (-12.6 percent); telecommunication equipment and electrical machinery (-12.2 percent); mineral fuels, lubricants and related materials (-7.0 percent); other food and live animals (-6.7 percent); and miscellaneous manufactured articles (-0.1 percent). Among the imported commodity groups, bills of electronic products, valued at $2.39 billion, accounted for the highest share of 28.1 percent to the total imports. Import of electronic products grew up by 1.8 percent, from $2.34 billion in June 2018. Among the electronic products, components/devices (semiconductors) accounted for the biggest share of 19.3 percent. This commodity group reflected an increase of 1.2 percent, from $1.62 billion in June 2018 to $1.64 billion in June 2019.