The country's trade gap dropped 21.9 percent in November last year as imports continued to outpace the country’s exports, but at a narrower level, the Philippine Statistics Authority (PSA) reported.

The PSA said on Tuesday, Jan. 10, that the country’s trade gap, or the difference between the value of export and import, dropped 21.9 percent to $3.68 billion in November from $4.71 billion in the same month in 2021.

However, the trade deficit went up month-on-month from $3.12 billion in October.

Export sales rose 13.2 percent to $7.1 billion from $6.27 billion in the previous year, but down from $7.71 billion in the previous month.

Of the top 10 major commodity groups, five recorded annual increases in terms of the value of exports.

These were other mineral products (51 percent) such as nickel oxide sinters and other intermediate products of nickel metallurgy and nickel ores; and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (23.1 percent).

Increases were also recorded in electronic products (22.9 percent); cathodes and sections of cathode, of refined copper (8.7 percent); and other manufactured goods (4.8 percent) such as blister copper and other unrefined copper and other cigarettes containing tobacco.

By major trading partners, exports to Hong Kong comprised the highest export value amounting to $1.16 billion or a share of 16.3 percent to the total in November.

Other exports receipts came from the United States of America, $1.14 billion (16 percent); Japan, $938.30 million (13.2 percent); People’s Republic of China, $876.27 million (12.3 percent); and Singapore, $369.25 million (5.2 percent).

In the first 11-months, total export earnings amounted to $73.17 billion, up seven percent from $68.37 billion in the same period last year.

Meanwhile, import receipts declined 1.9 percent to 10.78 billion from $10.98 billion in November 2022. Month-on-month, it decreased from $11.02 billion in October.

The import decline was mainly driven by decreases in the values of four of the top 10 major commodity groups, with electronic products having the fastest annual decline of -10.1 percent.

This was followed by transport equipment, which dropped by -8.8 percent; cereals and cereal preparations by -5.9 percent; and industrial machinery and equipment by -3.5 percent.

The People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.60 billion or 24.1 percent of total in November.

Completing the top five major import trading partners were Indonesia, $1.14 billion (10.6 percent); Japan, $927.50 million (8.6 percent); USA, $735.40 million (6.8 percent); and Republic of Korea, $691.74 million (6.4 percent).

At end-November, imports reached $126.86 billion, higher by 20.3 percent compared with $105.49 billion in the same period a year ago.