The country’s trade deficit in January narrowed to USD4.22 billion from USD5.56 billion in the year-earlier period, helped by the increase in exports and the decline in imports.
The Philippine Statistics Authority said Tuesday that total exports in January rose 9.1 percent to USD5.94 billion, ending four consecutive months of decline.
Total imports declined 7.6 percent to USD10.16 billion in January, the second month in row that imports was lower year-on-year, the PSA added.
Electronic products, the country’s main export item, increased 16 percent in January to USD3.45 billion.
The other top four export items—machinery and transport equipment, coconut oil, gold and copper concentrate—also showed gains in January. Total export in January of machinery and transport equipment rose 20 percent to USD223.9 million, coconut oil surged 27 percent to USD138.2 million, gold increased 26 percent to USD115.3 million while copper concentrate was higher by 25 percent to USD107.3 million.
The US proved main destination of Philippine exports in January, with a share of 15 percent or a total USD902.3 million. Japan, Hong Kong, China and South Korea rounded out the Philippines top five export markets, with a combined share of 43.9 percent.
The decline in imports in January was led by mineral fuels, lubricants and related materials, whose total value dropped 35 percent to USD1.34 billion due mainly to lower price of crude oil.
Import of electronic products was down 10 percent in January to USD2.19 billion, a harbinger of possible weak electronics exports in the coming months since these are largely raw materials.
The main sources of imports are China, South Korea, Indonesia, Japan and the US.
