The country’s merchandise exports and imports fell at double-digit rates in February amid a challenging global economic environment.
Data from the Philippine Statistics Authority showed Tuesday that trade deficit eased by 2.7 percent in February to $3.876 billion from $3.984 billion a year ago.
Export sales in February reached $5.08 billion, reflecting an annual decline of 18.1 percent, while imports dropped 12.1 percent to $8.95 billion.
This brought the total export earnings in the first two months to $10.332 billion, down by 15.6 percent from the $12.25 billion in the same period last year.
By commodity group, electronic products continued to be the country’s top export in February with total earnings of $2.68 billion and accounted for 52.7 percent of the total. This was followed by other manufactured goods with an export value of $337.18 million (6.6 percent); and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships which amounted to $239.52 million (4.7 percent).
Total imports value in the first two months hit $19.94 billion, or 3.9 percent lower than $20.744 billion a year ago.
The commodity group with the highest imported value in February 2023 was electronic products with an import value of $2.13 billion or a share of 23.8 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at $1.59 billion and transport equipment at $818.24 million.
The trade deficit hit a record $58.24 billion in 2022, up from a $42.19-billion shortfall in 2021.