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PH global trade shrinks; trade deficit widens as exports fall

The Manila International Container Port (MICP) February 7, 2017. Jonathan Cellona, ABS-CBN News

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA - The Philippines&#x27; total external trade in goods shrank in June even as the country&#x27;s trade deficit widened as exports continued to fall, the Philippine Statistics Authority said on Tuesday. Global trade in goods amounted to $15.44 billion in June, which was a decline of 11.3 percent from the $17.4 billion total external trade in the same month last year. This followed the 0.5 percent decrease in external trade in May this year and 9.7 percent decrease in June last year, the PSA said. &quot;Of the total external trade in June 2024, 63.9 percent were imported goods, while the remaining were exported goods,&quot; the agency noted. In June, the Philippines managed to export goods worth $5.57 billion, which was lower than the $6.73 billion it shipped in the same month of the previous year. Imports meanwhile amounted to $9.87 billion, which was also smaller than the $10.67 billion import value in the same month of the previous year.This meant that the country&#x27;s trade deficit, which subtracts imports from exports, stood at $4.3 billion, which was higher by 9.3 percent compared to June last year. <div><iframe width="640" height="360" src="https://www.youtube.com/embed/zKVep9iPIQw?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>Electronic products remained the country’s top exports in June with total earnings of $2.99 billion or 53.7 percent of the country’s total exports during the period.Manufactured goods came in second with an export value of $285.56 million, and other mineral products with $252.03 million.Electronics also had the highest import value in June, amounting to $2.23 billion or a share of 22.6 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at $1.57 billion, and transport equipment at $787.92 million.The United States was the country&#x27;s largest export market, with shipment totaling $897.8 million or a share of 16.1 percent to the country’s total exports in June.The US was followed closely by Hong Kong with an export value of $886.64 million, China at $868.44 million, Japan at $746.97 million, and Korea at $240.26 million.  China meanwhile was still the biggest source of Philippine imports with goods valued at $2.6 billion or 26.3 percent of the country’s total imports in June.The Philippines also imported goods from Indonesia valued at $861.69 million, Japan at 763.2 million, Korea at $715.14 million, and the US at $658 million.

The trade deficit, which subtracts imports from exports, stood at $4.3 billion, which was higher by 9.3 percent compared to June last year.

The trade deficit, which subtracts imports from exports, stood at $4.3 billion, which was higher by 9.3 percent compared to June last year.