Philippine merchandise exports rebounded with a 4.2 percent growth in August 2023 from a 0.9-percent contraction in July on the back of strong electronics shipments, data from the Philippine Statistics Authority (PSA) show.
The PSA said export sales in August amounted to $6.70 billion, up from $6.43 billion in the same month last year.
“The commodity group with the highest annual increase in the value of exports in August 2023 was electronic products with $221.73 million. This was followed by cathodes and sections of cathodes, of refined copper with an annual increase of $127.92 million and gold with an annual increase of $78.24 million,” the PSA said in a statement posted on its website.
Total exports in the first eight months reached $47.81 billion, down by 6.6 percent from $51.18 billion a year ago.
Electronic exports amounted to $3.88 billion or 57.8 percent of the total exports in August. This was followed by other manufactured goods with an export value of $365.37 million (5.5 percent) and other mineral products with $310.16 million (4.6 percent).
Most merchandise exports in August went to the Asia-Pacific Economic Cooperation countries with a share of $5.56 billion (82.9 percent) to the country’s total exports. This was followed by Regional Comprehensive Economic Partnership (RCEP), valued at $3.21 billion (47.9 percent), and East Asia at $3.20 billion (47.7 percent).
Meanwhile, the trade deficit in August eased by 31.5 percent to $4.127 billion from $6.025-billion shortfall a year ago, as exports outpaced imports.
Imports in August fell 13.1 percent to $10.83 billion from $12.46 billion in the same month of last year.