Despite the continued decline in exports, the Philippines’ total external trade in goods increased 5.1% in May 2018, boosted by the double-digit growth of imports during the period.
Latest data from the Philippine Statistics Authority showed the total external trade for May 2018 reached US$15.22 million, up from $14.48 billion recorded during the same month in 2017.
Exports in May 2018 went down 3.8% to $5.67 billion from $5.99 billion year-on-year. This is the fourth straight month that exports recorded a decrease after increases since November 2016.
PSA said the decline was brought about by the falls posted by three out of the top ten commodities for the month, the decline led by ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; and electronic equipment and parts.
Imports, on the other hand, jumped 11.4% to $9.46 billion in May 2018 from $8.49 billion in the same month of the previous year, as nine out of the top 10 major commodities recorded positive growth.
Electronic products continued to be the country’s top export, followed by machinery and transport equipment as well as other manufactured goods. Electronic products also contributed the highest share in the imports bill, followed by mineral fuels, lubricants and related materials, and transport equipment.
The country’s balance of trade, meanwhile, expanded to a $3.70-billion deficit in May 2018, higher than the $2.51-billion deficit a year ago.
The United States remains the top export destination, with Hong Kong coming in second and China in third. For imports, China remained as the country’s biggest source of imports, followed by South Korea and Japan in second and third place, respectively.
