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Philippine external trade in February 2023 contracted 14.4%, sliding for the third straight month as imports decreased 12.1% and exports dipped 18.1%
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The drop in imports narrowed the trade deficit by 2.7%
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Electronic products, the top import and export commodity, saw their biggest decline in February
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China remains the country’s top imports source and Japan the top export destination
Philippine imports and exports decreased in February 2023, leading to a 14.4% drop in external trade, the third straight month of decline, according to preliminary data from the Philippine Statistics Authority.
Trade value in February contracted to US$14.03 billion from $16.39 billion in February 2022.
The February balance of trade amounted to a $3.88 billion shortfall, indicating the trade deficit narrowed by 2.7% year-on-year, a reversal from the 27.1% y-o-y growth in January 2023 and 47.2% y-o-y expansion in February 2022.
Imports declined 12.1% y-o-y to $8.95 billion from $10.186 billion in February 2022. The decrease came after imports picked up in January 2023 following two consecutive months of decline.
For the first two months of the year, imports fell 3.9% to $19.94 billion from $20.74 billion in January-February 2022.
Exports declined for the third straight month, dropping 18.1% to $5.08 billion from $6.20 billion in February last year.
For January-February 2023, exports amounted to $10.33 billion, down 15.6% from $12.25 billion during the same period last year.
Electronic products remained the country’s top import and export commodities. They made up 23.8% or $2.13 billion of total imports, and 52.7% or $2.68 billion of total exports. Electronic products, however, were also the commodity group with the worst decline, with exports dropping by $765.48 million and imports by $356.38 million.
By major types of goods, raw materials and intermediate goods still made up the largest portion of the country’s total imports, amounting to $3.11 billion or 34.7%. In terms of exports, manufactured goods remained the top contributor, accounting for $4.22 billion or 83.2% of the total export value.
China remained the country’s biggest supplier of imported goods, valued at $1.93 billion or 21.6% of the total imports in February 2023. It was followed by Indonesia with $917.76 million or 10.2%; Japan, $788.35 million or 8.8%; USA, $648.81 million or 7.2%; and South Korea, $593.22 million or 6.6%.
Japan accounted for the highest export value of $822.65 million or 16.2% of the total exports last February. The USA followed with $756 million or 14.9%; China, $611.59 million or 12%; Hong Kong, $526.86 million or 10.4%; and Singapore, $310.60 million or 6.1%.
