PH trade deficit widens further in April
By Chino S. Leyco
Trade deficit widened last April as country’s purchases of goods from abroad outpaced the rise in sales of locally-made products, the Philippine Statistics Authority (PSA) reported on Thursday, June 9.
The PSA said the country’s trade gap, or the difference between the value of export and import, reached $4.773 billion in April this year, up 35 percent from $3.098 billion in the same month last year.
March trade deficit, however, was narrower by 4.5 percent than the $5 billion gap recorded the month before.
In April, total imports grew 23 percent to $10.901 billion from $8.878 billion a year earlier. Meanwhile, exports increased by only six percent year-on-year to $6.128 billion from $5.78 billion.
Rise in the number of imported goods was due to the increase in eight of the top 10 major commodity groups, mineral fuels, lubricants and related materials with 133.5 percent annual increase.
It was followed by transport equipment which rose by 44.2 percent and cereals and cereal preparations, 39.3 percent.
The People’s Republic of China remained the the country’s biggest supplier of imported goods valued at $2.27 billion or 20.8 percent of the total receipts.
Completing the top five major import trading partners were Republic of Korea, $1.2 billion (11.1 percent); Indonesia, $1.01 billion (9.3 percent); Japan, $922.5 million (8.5 percent); and Singapore, $741.5 million (6.8 percent)
In the first four-months, total import value amounted to $44.22 billion, up 26.7 percent from $34.9 billion in the same period last year.
Meanwhile, of the top 10 major commodity export groups of the country, seven recorded increases in terms of the value, led by coconut oil (156.6 percent), gold (53 percent), and other mineral products (51 percent).
By major trading partner, exports to the People’s Republic of China comprised the highest export value amounting to $971.74 million or a share of 15.9 percent to the total during the month.
Completing the top five major export trading partners were the United States of America, $955.17 million (15.6 percent); Japan, $820.96 million (13.4 percent); Hong Kong, $740.58 million (12.1 percent); and Singapore, $419.82 million (6.9 percent).
At end-March 2022, total export earnings reached $25.55 billion, 8.9 percent higher compared with the period last year.