MANILA – The country's trade deficit fell by 27 percent in September this year, the Philippine Statistics Authority (PSA) reported on Tuesday.
In a report, the PSA said trade deficit during the month amounted to USD3.5 billion, down from the USD4.8 billion in the same month last year.
It was also lower than the USD4.1 billion recorded in August this year.
Total external trade in goods reached USD16.9 billion, lower by almost 12 percent than the USD19.19 billion logged in the same period last year.
Total export sales during the month amounted to USD6.73 billion, down by 6.3 percent from USD7.18 billion in September 2022.
"The commodity group with the highest annual decrement in the value of exports in September 2023 was electronic products with USD424.39 million," said the PSA.
This was followed by other manufactured goods with an annual decline of USD 48.60 million and other mineral products with an annual decrease of USD 36.54 million.
The PSA said major trading partners included the United States, the People's Republic of China, and Japan.
The total value of imports, meanwhile, reached USD10.24 billion, lower by 14.7 percent compared to the USD12.01 billion seen in the same month last year.
"In September 2023, the commodity group with the highest annual decrement in the value of imported goods was electronic products at USD756.15 million. This was followed by mineral fuels, lubricants and related materials, which declined by USD564.30 million and organic and inorganic chemicals with an annual drop of USD124.93 million," the PSA said.
The People’s Republic of China was the country’s largest supplier of imported goods valued at USD2.63 billion.
Other top sources of imports included Indonesia, Thailand, Japan, and South Korea. (PNA)
