The Philippines’ external trade posted a $5.74-billion deficit in January, up 27.2 percent from $4.51 billion the previous year.
Data from the Philippine Statistics Authority (PSA) showed the country traded goods worth $16.2 billion for the month, 2.4 percent lower than last year’s $16.6 billion, of which 67.7 percent comprised of imports.
January exports reached $5.23 billion, down 13.5 percent from $6.04 billion last year.
The PSA said coconut oil, cathodes and sections of cathodes, of refined copper, metal components, electronic products, chemicals, and other manufactured goods recorded a decline in exports.
Electronics continued to be the country’s top exports, docking a freight on board value of $2.83 billion which is 54.2 percent of total exports.
Mined ores were the second top export valued at $290.17 million (5.5 percent of total), while other manufactured goods rounded out the top three with an export value of $282.22 million (5.4 percent of total).
Japan was the Philippines’ top export market, buying $866.25 million goods that represents 16.6 percent of the total.
The rest of the top five export markets were the United States at $738.26 million (14.1 percent), People’s Republic of China at $666.99 million (12.7 percent), Hong Kong at $530.16 million (10.1 percent) and Singapore at $318.47 million (6.1 percent).
January imports amounted to $10.97 billion, up 3.9 percent from $10.56 billion.
Metalliferous ores and metal scrap; mineral fuels, lubricants and related materials; and telecommunication equipment and electrical machineries posted the highest increase in import bills, the PSA said.
Electronic products were the Philippines’ biggest import with an import bill of $2.44 billion or 22.2 percent of the total.
This is followed by mineral fuels, lubricants and related materials at $2.06 billion (18.8 percent of total), and transport equipment at $890 million (8.1 percent).
China is the Philippines top import partner, billing the Philippines with $2.32 billion worth of goods, which accounts for 21.1 percent.
Rounding out the top five import markets are Indonesia with an import bill of $1.16 billion (10.6 percent), Japan at $958.70 million (8.7 percent), Republic of Korea at $866.19 million (7.9 percent) and the US at $696.99 million (6.4 percent).
