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The country’s external trade declined for the fourth straight month in March 2023 as both imports and exports continued to decelerate
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The trade deficit increased year-on-year by 7.5% in March
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Imports decreased for the second month in a row
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Exports dropped for the fourth straight month
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China was the country’s top import source and export destination in March
The country’s external trade dropped for the fourth straight month in March, with imports and exports respectively declining for the second month and fourth consecutive month in a row.
Trade slid 5.1% to US$17.98 billion in March from $18.95 billion in the same period last year, according to latest data from the Philippine Statistics Authority.
Imports slipped 2.7% to $11.46 billion from $11.768 billion.
Exports was down but at a slower clip of 9.1% with $6.528 billion from $7.183 billion in March 2022.
As a result, the balance of trade in March was at a negative $4.93 billion.
The trade deficit saw an annual increase of 7.5% in contrast to the -2% decline in February 2023, but so much less than the 66.5% increment in March 2022.
Among the import commodity groups, mineral fuels, lubricants and related materials recorded the highest decrement at -$519.28 million. This was followed by electronic products, with -$415.29 million; and medicinal and pharmaceutical products, -$221.01 million.
For the first quarter of the year, imports amounted to $31.44 billion, 3.3% less than the $32.51 billion posted in the same quarter last year.
Recording the highest annual decline in the value of exports was electronic products, at -$479.41 million, followed by coconut oil (-$51.82 million) and travel goods and handbags (-$34.69 million).
For the first quarter, total export earnings reached $16.86 billion, a 13.2% drop from the $19.43 billion recorded in the same quarter last year.
Electronic products remained the country’s top commodity group. Imports of electronic products in March 2023 reached $2.34 billion or a share of 20.4% to the total import bill. In terms of exports, electronic products accounted for $3.49 billion or 53.4% share of the total.
By major type of goods, exports of manufactured goods contributed the largest to the total with $5.11 billion or a 78.3% share. In terms of imports, raw materials and intermediate goods still accounted for the largest share with $4.22 billion or 36.9%.
China remained the country’s biggest supplier of imported goods valued at $2.57 billion or 22.4% of the total imports in March 2023.
Completing the top five major import trading partners for March were Indonesia, $1.09 billion (9.5%); Japan, $958.96 million (8.4%); South Korea, $780.55 million (6.8%); and Thailand, $770.95 million (6.7%).
China also topped as the country’s export destination in March 2023 With $1.42 billion or a share of 21.8% of the total export bill for the month. It was followed by Japan, $980.34 million (15%); USA, $877.89 million (13.4%); Hong Kong, $550.85 million (8.4%); and Singapore, $371.72 million (5.7%).
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