Exports in August grew at the fastest rate this year, led by the recovery of the electronics sector, data from the Philippine Statistics Authority (PSA) show.
Merchandise exports rose 4.2 percent to $6.70 billion in August from $6.43 billion in the same month last year. This followed the 0.9-percent contraction in July.
Exports plummeted in the first four months of 2023 before rising 2.4 percent in May and 0.9 percent in June.
“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).
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. This brought the trade deficit in the first eight months to $36.31 billion, lower than the $41.86-billion shortfall a year ago.
Imports in August fell 13.1 percent to $10.83 billion from $12.46 billion in the same month in 2022. In July, it recorded an annual decline of 15.2 percent.
The commodity group with the highest annual decrease in the value of imported goods was electronic products at $643.72 million. This was followed by iron and steel, which declined by $258.84 million; and mineral fuels, lubricants and related materials with an annual drop of $135.13 million.
Total imports in the first eight months reached $84.12 billion, or 9.6 percent lower than $93.05 billion in the same period last year, according to the PSA.
It said that by major type of goods, imports of raw materials and intermediate goods accounted for the largest share and amounted to $3.86 billion (35.6 percent).
Imports of capital goods ranked second with a share of $2.73 billion (25.2 percent), followed by consumer goods with an import value of $2.24 billion (20.6 percent).