The country’s trade deficit improved in February this year, driven by a strong increase in exports outpacing the growth in imports, data from the Philippine Statistics Authority (PSA) showed.
The balance of trade in goods, representing the difference between export and import values, recorded a deficit of $3.65 billion in February, a six percent reduction compared to the $3.88 billion gap in the month of 2023.
In February, exports reached $5.91 billion, a substantial 16 percent surge from the $5.1 billion recorded in the previous year.
Notably, electronic products registered the most significant export value increase at $723.86 million, followed by other mineral products with a rise of $79.54 million, and coconut oil with a growth of $44.44 million.
Electronic products, meanwhile, continued to dominate the country's exports, generating total revenues of $3.42 billion, or 57.9 percent of the total export earnings for the month.
Among major trading partners, the United States accounted for the highest export value at $947.83 million, representing a 16.0 percent share of the country's total exports.
Subsequently, Japan ($849.17 million), Hong Kong ($774.03 million), the People’s Republic of China ($695.25 million), and Thailand ($282.01 million) followed in export value.
Between January and February, the total export value increased by 12.3 percent to $11.84 billion from $10.55 billion in the same period the previous year.
In contrast, imports in February rose by 6.3 percent to $9.55 billion from $8.98 billion in the previous year.
Metalliferous ores and metal scrap registered the most significant annual increase in imported goods value, amounting to $219.59 million.
Among imported goods categories, raw materials and intermediate goods held the largest share of total imports for the country, totaling $3.49 billion (36.5 percent).
This was followed by capital goods at $2.55 billion (26.7 percent), and consumer goods with an import value of $1.75 billion (18.3 percent).
The People’s Republic of China emerged as the main supplier of imported goods to the country, with a value of $2.18 billion, representing 22.8 percent of the total imports.
Following China, Japan accounted for $845.23 million in imports, Republic of Korea contributed $719.90 million, Indonesia supplied goods worth $664.57 million, and Thailand provided imports valued at $660.86 million.
As of the end of February, total imports reached $19.88 billion, indicating a slight 0.5 percent reduction from the $19.98 billion recorded in the previous year.