MANILA – The country's trade deficit went up by 4.5 percent in May this year, the Philippine Statistics Authority (PSA) said.
Data released by the PSA on Wednesday showed that the balance of trade in goods or the difference between the value of exports and imports amounted to USD4.6 billion, up from the USD4.4 billion recorded in May last year.
Exports reached USD6.33 billion, down by 3.1 percent from the USD6.53 billion in May last year.
"The commodity group with the highest annual decrement in the value of exports in May 2024 was electronic products with USD190.23 million," the PSA said.
This was followed by other mineral products which declined by USD43.66 million, and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships with an annual decline of USD29.54 million.
By major trading partner, exports to United States of America (USA) comprised the highest export value, amounting to USD1.08 billion.
Other major export trading partners include Hong Kong, Japan, People’s Republic of China, and Thailand.
The total value of imported goods, meanwhile, amounted to USD10.93 billion, lower by 0.03 percent from the USD10.933 billion in May last year.
"In May 2024, the commodity group with the highest annual decrement in the value of imported goods was transport equipment with USD348.54 million. This was followed by other food and live animals, which decreased by USD62.73 million, and electronic products with an annual decline of USD54.87 million," the PSA said.
The People's Republic of China was the country's largest supplier of imported goods.
Other sources of imports were Korea, Indonesia, USA, and Thailand. (PNA)
