The country’s trade gap widened year-on-year in June as the sharp contraction in exports significantly outpaced that of imports.
The Philippine Statistics Authority (PSA) reported yesterday the balance of trade in goods in June amounted to -$4.3 billion, indicating a trade deficit with an annual increase of 9.3 percent from the -3.94 billion recorded in June 2023.
The country’s total export sales in June amounted to $5.57 billion, down 17.3 percent from the $6.73 billion total exports sales in the same month of the previous year.
The commodity group with the highest annual drop in the value of exports in June 2024 was electronic products with $965.14 million.
This was followed by cathodes and sections of cathodes, of refined copper with an annual decrease of $97.13 million; and other manufactured goods with a year-on-year decline of $59.99 million.
The year-to-date annual total value of exports amounted to $36.41 billion.
This translated to an increase of three percent from the total export value of $35.34 billion in January to June 2023.
Total imported goods in June 2024 amounted to $9.87 billion, down 7.5 percent from the $10.67 billion import value in the same month of the previous year.
In June 2024, the commodity group with the highest annual decline in the value of imported goods was transport equipment with $445.67 million.
This was followed by metalliferous ores and metal scrap, which decreased by $338.47 million and telecommunication equipment and electrical machinery with an annual decline of $48.23 million.
The annual total import value from January to June 2024 totaled to $61.41 billion.
This represents a year-on-year decrease of 2.5 percent from the year-to-date import value of $62.96 billion in January to June 2023.
