The country's total external trade in goods increased by 4.9 percent to $18.13 billion in October this year from $17.28 billion last year, the Philippine Statistics Authority (PSA) said.

In a report on Tuesday, the PSA said of the total external trade in October 2024, 66 percent were imported goods, while 34 percent were exported goods.

Total export sales reached USD6.16 billion, lower by 5.5 percent than the $6.52 billion sales in the same month last year.

"The commodity group with the highest annual decrement in the value of exports in October 2024 was electronic products with $868.86 million. This was followed by cathodes and sections of cathodes, of refined copper with an annual decrease of $24.33 million, and other mineral products with an annual decline of $20.41 million," the PSA said.

By commodity group, electronic products, however, continued to be the country’s top exports in October 2024 with total earnings of $2.87 billion or 46.5 percent of the country’s total exports during the period.

By major trading partner, exports to the United States of America comprised the highest export value amounting to $995.26 million.

Other top export trading partners include Japan, People's Republic of China, Hong Kong, and Thailand.

The value of imported goods, on the other hand, amounted to $11.96 billion, up by 11.2 percent from the $10.76 billion in the same month last year.

Electronic products recorded the highest increase in the value of imported goods amounting to $464.48 million, followed by transport equipment, and cereals and cereal preparations.

The PSA said China was the country’s largest supplier of imported goods valued at U$3.07 billion.

Other top sources of imports include Indonesia, South Korea, Japan, and the United States.

Meanwhile, the PSA said the balance of trade in goods or the difference between the value of exports and imports amounted to $5.80 billion, up by 36.8 percent from the $4.2 billion from the same month last year.

PHOTO FROM PIXABAY