MANILA – The country's trade deficit declined by 31.5 percent to USD4.1 billion in August this year from USD6 billion a year ago, the Philippine Statistics Authority (PSA) said.
PSA data on Tuesday showed that the trade deficit during the month was also slightly lower than the USD4.19 billion recorded in July this year.
Total external trade in goods decreased by 7.2 percent to USD17.53 billion from USD18.89 billion last year.
Total export sales amounted to USD6.70 billion, up by 4.2 percent from the USD6.43 billion total exports in the same month of the previous year.
"The commodity group with the highest annual increase in the value of exports in August 2023 was electronic products with USD221.73 million," the PSA said.
This was followed by cathodes and sections of cathodes, of refined copper, and gold.
The PSA said major export trading partners include the United States, Japan, Hong Kong, China, and Singapore.
The total value of imported goods, meanwhile, amounted to USD10.83 billion, down by 13.1 percent from USD12.46 billion in the same month last year.
"In August 2023, the commodity group with the highest annual decrement in the value of imported goods was electronic products at USD643.72 million," the PSA noted.
This was followed by iron and steel, which declined by USD258.84 million and mineral fuels, lubricants and related materials with an annual drop of USD135.13 million.
The People’s Republic of China was the country’s largest supplier of imported goods valued at USD2.43 billion or 22.4 percent of the country’s total imports in August 2023.
It was followed by Indonesia, Japan, Korea, and the USA. (PNA)
