Imports continued to outpace the country’s exports, but at a much narrower level, the Philippine Statistics Authority (PSA) reported.
The PSA said on Tuesday, Dec. 13, that the country’s trade gap, or the difference between the value of export and import, dropped 13 percent to $3.3 billion in October from $3.82 billion in the same month last year. Month-on-month, the trade deficit went down from $4.8 billion in September.
Export sales rose 20 percent to $7.7 billion from $6.4 billion in the previous year. It also increased from $7.1 billion in the previous month.
Of the top 10 major commodity groups, three recorded annual increases in terms of the value of exports.
These were electronic products (39.6 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (26.1 percent); and machinery and transport equipment (1.9 percent).
By major trading partner, exports to Hong Kong comprised the highest value amounting to $1.28 billion or a share of 16.6 percent.
Completing the top five major export trading partners were United States of America, $1.18 billion; Japan, $999.67 million; People’s Republic of China, $959.59 million; and Singapore, $438.03 million.
In the first nine-months, total export earnings reached $66 billion, up 6.3 percent year-on-year from $62.1 billion.
Meanwhile, import receipts jumped 7.5 percent to $11 billion from $10.2 billion in October 2021. Month-on-month, it decreased from $12 billion in September.
The import growth was mainly driven by increases in the values of seven of the top five major commodity groups, with metalliferous ores and metal scrap having the fastest annual growth rate of 462.7 percent.
This was followed by transport equipment, which rose by 46.3 percent annually; and other food and live animals by 40.3 percent.
The People’s Republic of China remained the country’s biggest supplier of imported goods valued at $2.2 billion or 20.2 percent of the total.
Completing the top five major import trading partners were Indonesia, $1.27 billion; Japan, $1.01 billion; Republic of Korea, $920.05 million; and United States, $767.87 million.
At end-October, imports reached $116 billion, higher by 23 percent compared with $94.5 billion in the same period last year.