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The country’s trade deficit continued to contract in July, dropping 30% to $4.2 billion compared to the same period last year’s $6 billion
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External trade sank 10.5% year-on-year in July, its eight consecutive month of decline
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Imports fell 15.3% while exports slipped 1.2%
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Electronic products remained the top imported and exported commodity
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China remained the country’s top import supplier while the US was the top export destination
The country’s trade deficit continued to contract in July, dropping 30% to $4.2 billion compared to the same period last year’s $6 billion, according to preliminary data from the Philippine Statistics Authority.
The latest figure is, however, wider than $3.9 billion trade gap in June when the deficit jumped by 33%.
External trade sank 10.5% year-on-year in July to US$16.49 billion, its eighth consecutive month of contraction, as both imports and exports recorded declines.
Imports, which accounted for 62.7% of the total, decreased 15.3% to $10.35 billion from $12.22 billion, the sixth month in a row of decline.
The import of mineral fuels, lubricants, and related materials recorded the highest contraction among commodity groups in July 2023. This was followed by electronic products, and iron and steel.
From January to July 2023, imports posted a 9.1% drop to $73.27 billion from $80.59 billion in the same period last year.
After two months of growth, exports dropped 1.2% to $6.14 billion in July 2023 from $6.22 billion in the same month last year.
Export of coconut oils recorded the highest annual decrease in value in July 2023, followed by other mineral products, and other manufactured goods.
From January to July 2023, exports likewise declined 8.2% to $41.09 billion from $44.75 billion in the same period last year.
Among the commodity groups, electronic products continued to account for the biggest share in imports and exports in July 2023.
Electronic products contributed $2.26 billion or a share of 21.9% in imports, and $3.65 billion or 59.4% in exports.
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share amounting to $3.71 billion or 35.9%. In terms of exports, manufactured goods contributed the largest share with $5.06 billion or a share of 82.4%.
By major trading partner, the United States of America (USA) comprised the highest export value amounting to $1.04 billion or a share of 16.9%. It was followed by Japan, $861.50 million; Hong Kong, $797.91 million; China, $758.22 million; and the Netherlands, $325.83 million.
China, meanwhile, remained the country’s biggest import source with $2.64 billion or s share of 25.5% of the total in July 2023.
Other top import sources for July were Japan, $865.03 million; Indonesia, $810.20 million; USA, $687.53 million; and Thailand, $644.44 million.
