PH trade deficit continued in February

The Philippines continued to post a trade deficit in February, narrower than recorded in the previous month, but wider than the previous year, data released by the Philippine Statistics Authority (PSA) on Friday showed.

The balance of trade in goods — the difference between the value of exports and imports — posted a $3.682-billion deficit, narrower than the $4.274-billion deficit in January, but wider than the $2.991-billion deficit recorded in the same month last year.

A deficit indicates that the value of a country’s imports exceeded export receipts, while a surplus indicates more export shipments than imports.

Exports for the month stood at $7.330 billion, reflecting an 8.0% increase from $6.787 billion the same month last year, and higher than the $7.142 billion in January.

Electronics posted the biggest annual increment, up by $718.92 million to $4.227 billion, followed by gold up by $192.17 million to $337.55 million, and machinery and transport equipment by $134.13 million to $415.22 million.

Segregated by major type, manufactured goods contributed the biggest share to total exports in February with $5.961 billion or 81.3%, backed by mineral products with $615.26 million or 8.4%, and total agro-based products with $608.06 million or 8.3%.

The United States remained the biggest recipient of Philippine exports for the month with $1.41 billion or 19.3%. It was followed by Japan with $966.44 million, China with $663.71 million or 9.1%, and the Netherlands with $328.00 million or 4.5%.

February imports amounted to $11.012 billion, lower than the $11.416 billion in January, but 12.6% higher than the $9.778 billion recorded the same month last year.

Electronic products were also the biggest import for the month with $2.99 billion or 27.1% of the total, followed by mineral fuels, lubricants and related materials at $1.46 billion or 13.3%, and transport equipment with $915.59 million or 8.3%.

In terms of major type, capital goods had the biggest share of imports with $4.15 billion or 37.7%. Raw materials and intermediate goods followed with $3.22 billion or 29.3%, and consumer goods with $2.14 billion or 19.4%.

China was still the biggest source of imports in February with $3.12 billion or 28.4%. South Korea came in with $1.37 billion or 12.5%, Japan with $933.36 million or 8.5%, Indonesia with $772.49 million or 7.0%, and the United States with $606.95 million or 5.5%.

Total trade for the month was recorded at $18.343 billion, up 10.7% from $16.565 billion the previous year, but lower than the $18.559 billion in January. —LDF, GMA Integrated News