Jul 13, 2024 - 07:46
By manilatimes.net

Trade gap narrows in May

THE country's trade deficit narrowed in May from a month earlier as slightly higher exports outweighed a dip in imports, preliminary data from Philippine Statistics Authority showed on Wednesday.

At $4.6 billion, the shortfall was smaller than the $4.73 billion posted in April but rose from the year-earlier $4.4 billion.

Total trade in goods fell to $17.26 billion for the month from April's $17.3 billion and the $17.46 billion recorded in May 2023.

Imports hit $10.929 billion, down from $11 billion in April and the year-earlier $10.932 billion, while the $6.33 billion in exports rose from $6.29 billion a month earlier but were lower than May 2023's $6.53 billion.

Imports accounted for 63.3 percent of total external trade in May with the rest taken up by outbound shipments.

Year to date, exports grew to $30.84 billion from $28.61 billion in the comparable 2023 period.

Imports, on the other hand, were lower at $51.42 billion for the January-May period compared to $52.29 billion a year earlier.

Electronics remained the country's top export, accounting for $3.55 billion or 56.2 percent of total exports in May.

Manufactured goods and mineral products followed at $337.62 million and $302.90 million, respectively.

The United States was the biggest buyer of Philippine-made goods during the month, having purchased $1.08 billion or 17.0 percent of total exports.

Rounding out the top five were Hong Kong ($904.79 million or 14.3 percent), Japan ($882.70 million or 13.9 percent), China ($847.12 million or 13.4 percent) and Thailand ($267.14 million or 4.2 percent).

Electronic products were also the Philippines' biggest import for May at $2.15 billion or 19.7 percent of the total.

Mineral fuels, lubricants and related materials followed at $1.85 billion (17 percent) and transport equipment ($891.73 million 8.2 percent) was third.

China was the country's biggest supplier, providing $2.73 billion worth of goods or 25.0 percent of total inbound shipments.

It was followed by Korea ($989.6 million or 9.1percent), Indonesia ($972.15 million or 8.9 percent), the USA ($748.19 million or 6.8 percent) and Thailand ($707.44 million or 6.5 percent).