PH external trade in goods hit $57.51B in first half

MANILA, Philippines—The Philippines’ total external trade in goods hit $57.506 billion in the first semester of the year, a 3.6 percent increase from the $55.499 billion recorded a year ago, official figures showed.

According to data from the National Statistics Office (NSO), total imports in the first semester grew 0.3 percent to $30.749 billion from $30.653 billion while total exports expanded 7.7 percent in the first semester to $26.757 billion from $24.846 billion.

This resulted in a trade deficit of $3.991 billion in the first semester, lower than the $5.807 billion deficit in the same period last year, the NSO said.

Japan was the country’s top trading partner in the first half, with a total trade worth $8.174 billion. Exports to Japan reached $4.767 billion while imports earned $3.407 billion, posting a trade surplus of $1.359 billion.

United States followed with a total trade worth $7.604 billion. Export receipts from the US stood at $4.085 billion while payments for imports were valued at $3.520 billion, resulting in a $564.85 million trade surplus.

China was the country’s third largest trading partner with a total trade worth $6.573 billion. Receipts from exports to China were valued at $3.416 billion while payment for imports reached $3.158 billion, reflecting a trade surplus of $257.80 million.

The country’s top 10 exports for the first semester accounted for 63.2 percent of the aggregate export revenue during the period with receipts valued at $16.924 billion.

The country’s top 10 exports were electronic products; woodcraft and furniture; articles of apparel and clothing accessories; ignition wiring sets and other wiring sets used in vehicles, aircraft and ships; metal components; coconut oil; gold; bananas; other products manufactured from materials imported on consignment basis and petroleum products.