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Philippine external trade contracted for the sixth straight month in May 2023, with an increase in exports softening the decline
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External trade in goods amounted to US$17.28 billion, a 5.1% drop from $18.20 billion in the same period last year
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Imports fell 8.8%, the fourth straight month of decline, while exports rose 1.9%
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Electronic products remained the top imported and exported commodity
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China was the country’s top import supplier and export destination in May 2023
Philippine external trade contracted for the sixth straight month in May 2023, albeit at a slower pace than in April, as exports increased, according to latest data from the Philippine Statistics Authority.
In May, external trade in goods amounted to US$17.28 billion, a 5.1% drop from $18.20 billion in the same period last year.
Of the total, 62.7% were imported goods while the rest were exported goods.
The balance of trade in May was negative $4.40 billion, indicating a trade deficit with an annual decrease of 20.9%, faster than the 9% posted in April 2023.
Imports contracted 8.8% for the fourth consecutive month to $10.84 billion in May 2023 from $11.88 billion in May 2022.
Imports of mineral fuels, lubricants, and related materials fell the most at $675.26 million, followed by electronic products, which declined by $580.33 million; and iron and steel by $164.79 million.
From January to May 2023, imports amounted to $52.20 billion, a decline of 6.6% from $55.86 billion in the same period last year.
Following five straight months of decline, exports improved modestly by 1.9% in May 2023 to $6.44 billion from $6.32 billion in the same month of the previous year.
Electronic products had the highest annual growth in May 2023, increasing by $231.53 million. This was followed by ignition wiring set and other wiring sets used in vehicles, aircraft and ships, which increased by $75.98 million; and copper concentrates by $73.75 million.
From January to May 2023, exports decreased 11.5% to $28.21 billion from $31.89 billion in the same period last year.
Electronic products remained the commodity group with the highest imported value in May 2023 at $2.20 billion, or a share of 20.3% of the country’s total imports.
In terms of exports, electronic products likewise had the biggest share at $3.70 billion, or a 57.5% share.
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of 37.4% of the total in May 2023, amounting to $4.05 billion. In terms of exports, manufactured goods contributed the largest at $5.20 billion, or 80.7%.
China remained the country’s biggest supplier of imported goods, with a value of $2.60 billion or 24% of the country’s total imports in May 2023. Completing the top five major import trading partners in May were Indonesia, $917.05 million or 8.5%; Japan, $794.92 million or 7.3%; USA, $724.44 million or 6.7%; and South Korea, $712.79 million or 6.6%.
China was also the country’s top export destination in May 2023 with a share of $1.07 billion or 16.6%.
It was followed by the US, at $1.01 billion or 15.7%; Japan, $930.56 million or 14.4%; Hong Kong, $665.00 million or 10.3%; and the Netherlands, $346.65 million or 5.4%.
