The country’ trade deficit narrowed in August as imports continued to post a double digit decline.
According to the Philippine Statistics Authority, the trade deficit stood at $4.13 billion in August, 31.5 percent down from the previous year’s level of $6.03 billion.
In July 2023, the trade deficit recorded an annual decline of 30 percent, while a year-on-year growth of 82.1 percent was posted in August 2022.
The total imported goods in August 2023 amounted to $10.83 billion, indicating a decrease of 13.1 percent from the $12.46 billion in the same month of the previous year.
The commodity group with the highest annual decline in the value of imported goods was electronic products at $643.72 million.
This was followed by iron and steel, which declined by $258.84 million; and mineral fuels, lubricants and related materials with an annual drop of $135.13 million.
Meanwhile, the country’s total export sales in August 2023 amounted to $6.7 billion, posting an increase of 4.2 percent from the $6.43 billion total exports in the same month of the previous year.
The highest annual increase in the value of exports in August 2023 was seen in electronic products with $221.73 million.
This was followed by cathodes and sections of cathodes, of refined copper with an annual increase of $127.92 million and gold with an annual increase of $78.24 million.
The country’s total external trade in goods thus amounted to $17.53 billion in August, down 7.2 percent from the $18.89 billion total external trade in the same period of the previous year.
