By Anna Leah Gonzales
Philippine Statistics Authority (PSA) data show the Philippines total external trade in goods went up by 9.6% to USD17.31 billion in March this year from USD15.80 billion a year ago.
Of the total trade during the month, 61.9% were imported goods while 38.1% were exports, the PSA data also showed.
Total export sales reached USD6.59 billion, up by 5.9% from the USD6.23-billion total export sales in the same month, the previous year. PSA said electronic products continued to be the country’s top exports in March with total earnings of USD3.64 billion, followed by manufactured goods with USD434.41 million and other mineral products with USD246.56 million.
The United States remained as the country’s biggest export market with export value amounting to USD1.11 billion. It is followed by Hong Kong (USD 1.01 billion), Japan (USD 960.50 million), People’s Republic of China (USD 762.78 million), and Singapore (USD 273.74 million).
The total value of imports, meanwhile, also rose by 11.9% to USD10.72 billion.
The PSA said electronic products recorded the highest import value at USD2.52 billion, accounting for 23.5% of the total imports. This was followed by mineral fuels, lubricants and related materials with USD1.31 billion and transport equipment at USD1.06 billion. Top sources of imports include China, Indonesia, Japan, Korea, and Thailand.
The PSA, meanwhile, said the trade balance in goods or the difference between the value of exports and imports amounted to USD4.13 billion in March this year, 23.1% higher than the USD3.35-billion deficit during the same month last year. (With PNA)