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Manila Bulletin devider Trade & Energy devider PH trade deficit widens to seven-month high

PH trade deficit widens to seven-month high

In January

Published Mar 14, 2023 07:34 am
The country’s trade deficit widened hitting a five-month high in January this year after exports fell sharply, data from the Philippine Statistics Authority (PSA) showed. The PSA said on Tuesday, March 14, that the country’s trade gap, or the difference between the value of export and import, ballooned to $5.74 billion in the first month of the year, highest since the $6.43 billion deficit in August 2022. The January trade deficit was also wider than the $4.503-billion gap recorded in December and the $4.513-billion deficit registered in the same month last year. Export sales declined 13.5 percent to $5.23 billion in January, its lowest level in nearly three years. This came  from $6.04 billion in December, and $5.8 billion a month earlier. Of the top 10 major exports, six commodity groups recorded yearly decreases in January. These were coconut oil (-39.1 percent), cathodes and sections of cathodes, of refined copper (-39 percent), metal components (-19.8 percent), electronic products (-19.2 percent), chemicals (-14.6 percent), and other manufactured goods (-11.9 percent). By major trading partner, exports to Japan comprised the highest export value at $866.25 million or a share of 16.6 percent to the total. Completing the top five major export trading partners were United States of America, $738.26 million; People’s Republic of China, $666.99 million; Hong Kong, $530.16 million; and Singapore, $318.47 million. Meanwhile, import receipts were valued at $10.97 billion in January, up 6.5 percent from $10.3 billion in the previous month. This was also higher by 3.9 percent compared with $10.559 billion in same month last year. Rise in the value of imported goods was due to the increases in seven of the top 10 major commodity groups, with metalliferous ores and metal scrap recording the fastest annual increase of 333.5 percent. This was followed by mineral fuels, lubricants and related materials, which increased by 70.6 percent annually; and telecommunication equipment and electrical machinery by 15.2 percent. The People’s Republic of China remained the country’s biggest supplier of imported goods valued at $2.32 billion or 21.1 percent of the total imports in January. Completing the top five major import trading partners were Indonesia, $1.16 billion; Japan, $958.70 million; Republic of Korea, $866.19 million; and USA, $696.99 million.

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Philippine Statistics Authority PSA
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