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The Philippines’ external trade declined for the fifth consecutive month in April 2023 as both imports and exports shrank by double digits
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Imports dropped 17.7% while exports declined 20.2%
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The country’s trade deficit, as a result, decreased 14.9% year-on-year
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Electronic products remained the country’s top imported and exported commodities despite their contraction
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China was the country’s top import supplier and export destination in April 2023
Philippine external trade declined for the fifth consecutive month in April 2023 as the country’s imports and exports recorded double-digit decreases, according to preliminary data from the Philippine Statistics Authority.
In April, the country’s total external trade in goods amounted to US$14.34 billion, down 18.6% from $17.60 billion in the same period last year.
The balance of trade in goods in April amounted to $4.53 billion, indicating the country’s trade deficit decreased 14.9%, faster than March 2023’s 11.2% but slower than the 72% increase in April 2022.
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Imports dropped for the third month in a row in April 2023 to $9.43 billion, 17.7% lower than the $11.46 billion in April 2022.
Mineral fuels, lubricants and related materials registered the greatest contraction among commodity groups with $927.86 million. This was followed by electronic products, which declined by $462.55 million; and transport equipment by $290.10 million.
From January to April 2023, imports reached $41.05 billion, 6.7% lower than the $43.98 billion posted in the same period last year.
Exports likewise fell 20.2% to $4.90 billion from $6.14 billion in April 2022. This is the fifth straight month of decline for exports.
Electronic products were the commodity group that registered the highest annual decline in the value of exports, shedding $582.60 million. This was followed by other mineral products, which decreased in value by $190.19 million; and coconut oil by $182.14 million.
From January to April 2023, exports declined 14.9% to $21.77 billion from $25.57 billion in the same period last year.
By commodity group, electronic products remained the country’s top exports in April with total earnings of $2.67 billion, accounting for 54.4% of the total. This was followed by other manufactured goods with $275.97 million, or a 5.6% share, and other mineral products with $207.93 million. or 4.2%.
Electronic products likewise still topped imports with a share of $2.12 billion, or 22.5% of the total. It was followed by mineral fuels, lubricants and related materials at $1.25 billion, or a13.2% share; and transport equipment at $849.72 billion, or 9%.
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share, at $3.56 billion or 37.7% of the total. Imports of capital goods ranked second at $2.8 billion, or a 29.6% share, followed by consumer goods with $1.79 billion, or an 18.9% share.
For exports, manufactured goods contributed the largest share of $3.89 billion, or 79.4%. Mineral products followed with $513.03 million, or a 10.5% share; and total agro-based products contributed $354.61 million or 7.2%.
Among trading partners, China remained the country’s biggest supplier of imported goods valued at $2.26 billion or 23.9% of the total imports in April 2023.
Completing the country’s top five major import trading partners in April were Indonesia, $821.81 million or 8.7%; Japan, $800.58 million or 8.5%; South Korea, $732.79 million or 7.8%; and the United States, $691.16 million or 7.3%.
In terms of exports, China likewise had the biggest share of 15.8% or $772.47 million. It was followed by the US with $713.65 million or a 14.6% share; Japan with $642.23 million, or a 13.1% share; Hong Kong, $604.62 million, or 12.3%; and Singapore, $273.37 million or 5.6%.
