The country's trade deficit slightly declined in November this year, according to the Philippine Statistics Authority (PSA).
Data released on Thursday showed that the balance of trade in goods or the difference between the value of exports and imports posted a deficit of $4.767 billion in November last year, slightly lower than the $4.769 billion in November 2023.
The country's total export sales amounted to $5.69 billion, down by 8.7 percent from the $ 6.23 billion total export sales in the same month of the previous year.
The PSA said electronic products, cathodes and sections of cathodes, of refined copper recorded the highest decrease in exports value.
By commodity group, electronic products continued to be the country’s top exports in November with total earnings of $2.79 billion or 48.9 percent of the country’s total exports.
This was followed by other manufactured goods with an export value of $420 million, and machinery and transport equipment with $245.61 million.
The PSA said exports to the United States comprised the highest export value amounting to $969.09 million.
Other major export trading partners include Japan, the People's Republic of China, Hong Kong, and Singapore.
Imports, meanwhile, declined by 4.9 percent to $10.46 billion from $11 billion the previous year.
"In November 2024, the commodity group with the highest annual decrement in the value of imported goods was mineral fuels, lubricants and related materials with $421.88 million. This was followed by transport equipment, which decreased by $352.70 million, and miscellaneous manufactured articles with an annual decline of $68.87 million," said the PSA.
Electronic products recorded the highest import value which amounted to $2.46 billion.
The PSA said the People’s Republic of China was the country’s largest supplier of imported goods valued at $2.82 billion, accounting for 27 percent of the country’s total imports in November 2024.
Other major sources of imports included Indonesia, Japan, Republic of Korea, and the United States.
PIXABAY PHOTO
