MANILA – The country's trade deficit narrowed anew in July, Philippine Statistics Authority (PSA) data showed.
In a report released Friday, the PSA said the trade deficit during the month dropped by 30 percent to USD4.2 billion from USD5.9 billion in July last year.
It was, however, slightly higher than the USD3.9 billion trade deficit in June this year.
The country's total external trade in goods amounted to USD16.49 billion, down by 10.5 percent from its level of USD18.43 billion in 2022.
Total exports sales contracted by 1.2 percent from USD6.22 billion in July last year to USD6.14 billion this year.
"The commodity group with the highest annual decrease in the value of exports in July 2023 was coconut oil, which declined by USD85.52 million," the PSA said.
This was followed by lower exports value of other mineral products, other manufactured goods, chemicals and miscellaneous manufactured articles.
"By major trading partner, exports to the United States of America (USA) comprised the highest export value amounting to USD1.04 billion or a share of 16.9 percent to the country’s total exports in July 2023," the PSA said.
Other major export trading partners include Japan, Hong Kong, People's Republic of China and Netherlands.
The total value of imports also decreased by 15.3 percent to USD10.35 billion from USD12.22 billion.
The PSA said the commodity groups with the highest decline in the value of imported goods include mineral fuels, lubricants and related materials, electronic products and steel.
The People’s Republic of China was the country’s biggest supplier of imported goods valued at USD2.64 billion, or 25.5 percent of the country’s total imports in July 2023.
It was followed by Japan, Indonesia, USA and Thailand. (PNA)
