THE country’s total external trade in goods amounted to US$ 17.26 billion, down by 12 percent from $17.46 billion in the same period last year.
Data from the Philippine Statistics Authority on Wednesday, July 10, 2024, showed that of the total external trade in May 2024, 63.3 percent were imported goods, while the remaining were exported goods.
Total export sales in May reached $6.33 billion down by 3.1 percent from the $6.53 billion total exports in the same period last year.
The commodity group with the highest annual decline in export value in May was electronic products, decreasing by $190.23 million. This was followed by other mineral products, which saw a drop of $43.66 million, and ignition wiring sets and other wiring sets used in vehicles, aircraft and ships, with an annual drop of $29.54 million.
The total value of export sales in the first five months of the year amounted to $30.84 billion up by 7.8 percent from $28.61 billion recorded in the same period in 2023.
By major trading partner, exports to the United States of America comprised the highest export value amounting to $.08 billion or a share of 17 percent of the country’s total exports in May 2024. Completing the top five major export trading partners for this month were Hong Kong ($904.79 million); Japan ($882.70 million); China ($847.12 million) and Thailand ($267.14 million).
Imports
Meanwhile, imported goods in May amounted to $10.930 billion, slightly down by 0.03 percent from the $0.933 billion import value in the same month last year.
Transport equipment had the highest annual decline in the value of imported goods at $348.54 million followed by other food and live animals, down by $62.73 million, and electronic products with an annual drop of $54.87 million.
Total imports already amounted to $51.43 billion in the first five months of the year, down by 1.7 percent from the same period in 2023.
Electronic products recorded the highest import value among commodity groups which amounted to $2.15 billion followed by mineral fuels, lubricants and related materials at $1.85 billion and transport equipment at $891.73 million.
China was the country’s largest supplier of imported goods valued at $2.73 billion or 25 percent of the country’s total imports in May. Korea came second with $989.60 million; Indonesia ($972.15 million), USA ($748.19 million), and Thailand ($ 707.44 million). / KOC