Trade deficit contracted by 24 percent in January to $4.22 billion compared to $5.56 billion in the same month in 2023, the Philippine Statistics Authority (PSA) said.
For the period, total trade amounted to $16.09 billion, down 2.1 percent from $16.44 billion the prior year.
Exports hit $5.69 billion while imports amounted to $10.16 billion.
January’s export receipts posted a 9.1 percent increase from the prior year’s $5.44 billion, while the import bill was a 7.6 percent drop from $11 billion a year before.
The PSA said electronic products continue to be the country’s top exports with receipts hitting $483.95 million.
“This was followed by machinery and transport equipment with an annual increase of 437.76 million, and coconut oil with an annual increment of $29.25 million, with total earnings of $3.45 billion or 58.2 percent of the country’s total exports during the period,” it said.
The US remains the top export market of the Philippines with $902.33 million, a 15.2 percent share of the total.
Completing the top five major export trading partners are Japan, $869.25 million (14.6 percent); Hong Kong, $761.08 million (12.8 percent); People’s Republic of China, $624.79 million (10.5 percent); and Republic of Korea, $356.16 million (6.0 percent).
Imports of fuels, lubricants and related materials amounted to $733.27 million, the bulk of the total bill.
“This was followed by electronic products, which declined by $254.43 million, and metalliferous ores and metal scrap with an annual decrease of $103.87 million,” the PSA said.
China continues to be the top import source of the Philippines at $2.65 billion or 26.1 percent of total.
Rounding out the top five major import trading partners for January are Japan, $789.36 million (7.8 percent); Indonesia, $779.13 million (7.7 percent); Republic of Korea, $682.00 million (6.7 percent); and US, $671.86 million (6.6 percent), the PSA said.