Imports continued to outpace the country’s exports, but at a narrower level in December last year, but overall trade gap in 2022 went up 38 percent versus 2021, the Philippine Statistics Authority (PSA) reported.

The PSA said on Thursday, Jan. 26, that the country’s trade gap, or the difference between the value of export and import, dropped 10.2 percent to $4.596 billion in December from $5.116 billion in the same month in 2021.

However, the trade deficit went up month-on-month from $3.68 billion in November.

From January to December, the trade gap stood at $58.32 billion, up 38 percent compared with $42.23 billion in 2021.

In December, export sales declined 9.7 percent to $5.668 billion from $6.278 billion in the previous year, but down from $7.1 billion in the previous month.

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

These were coconut oil (-39.5 percent); chemicals (-24.7 percent); electronic products (-13.9 percent); other manufactured goods (-9.8 percent) such as spectacle lenses of other materials and other cigarettes containing tobacco.

Metal components as well as electronic equipment and parts dropped 3.0 percent and 2.7 percent, respectively.

By major trading partners, exports to People’s Republic of China comprised the highest export value amounting to $980.84 million or a share of 17.3 percent to the total during the month.

Completing the top five major export trading partners were United States of America, $811.50 million; Japan, $793.58 million; Hong Kong, $569.93 million; and Singapore, $346.41 million.

From January to December, total export earnings amounted to $78.84 billion, up 5.6 percent from $74.65 billion in 2021.

Meanwhile, import receipts declined 9.9 percent to 10.26 billion from $11.39 billion in December 2022. Month-on-month, it also decreased from $10.81 billion in November.

The import decline was mainly driven by decreases in the values of seven of the top 10 major commodity groups, with iron and steel having the fastest deceleration of -41.7 percent.

This was followed by miscellaneous manufactured articles, which dropped by 15.3 percent; and transport equipment by 10.9 percent.

The People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.33 billion or 22.7 percent of the total in December.

Completing the top five major import trading partners with their corresponding import values were Indonesia, $1.07 billion; Japan, $809.85 million; United States, $699.75 million; and Republic of Korea, $697.85 million.

Full-year 2022, imports reached $137.16 billion, higher by 17.3 percent compared with $116.88 billion a year ago.