The country's trade deficit went down by 6 percent in February this year, the Philippine Statistics Authority (PSA) said.
Preliminary data released showed that the balance of trade in goods or the difference between the value of exports and imports posted a deficit of $3.65 billion from $3.88 billion in February last year.
Total export sales during the month grew by 15.7 percent to $5.91 billion from $5.10 billion in 2023.
"The commodity group with the highest annual increment in the value of exports in February 2024 was electronic products with $723.86 million. This was followed by other mineral products with an annual increase of $79.54 million, and coconut oil with an annual increment of $44.44 million," the PSA said.
By major trading partner, exports to the United States comprised the highest export value amounting to $947.83 million which accounts for about 16 percent of the total exports.
Other major export trading partners include Japan, Hong Kong, China, and Thailand.
The total value of imported goods, meanwhile, amounted to $9.55 billion, up by 6.3 percent from the $8.98 billion in the same month last year.
The PSA said imports of metalliferous ores and metal scrap recorded the highest annual increase in the value of imported goods at $219 million.
This was followed by cereals and cereal preparations, which grew by $137.23 million, and mineral fuels, lubricants and related materials with an annual increase of $131.71 million.
China was the country’s largest supplier of imported goods valued at $2.18 billion, or 22.8 percent of the country’s total imports in February 2024.
Other top sources of imports include Japan, Korea, Indonesia, and Thailand.
"February trade data showed a strong bounce for exports, rising 15.7 percent YoY (year-on-year), largely on the back of the mainstay electronics subcategory," ING senior economist Nicholas Mapa said in a comment.
Mapa said the surge in electronics shipments is in line with a similar recovery enjoyed by regional trading partners, with demand for basic chipsets likely tracking the gains for higher value-added electronics.
"The strong gain for the export sector should help support overall GDP (gross domestic product) performance for the first quarter of the year. Although heavily dependent on the electronics subsector, the stark pickup in outbound shipments helped move the trade surplus into a less pronounced trade deficit," he said.
