THE country’s export earnings posted a positive growth for the first time in six months in May 2023, with electronic products accounting for 57.5 percent or the largest share in the country’s exports pie, according to the Philippine Statistics Authority .
This was followed by ignition wiring set and other wiring sets used in vehicles, aircraft and ships, which increased by US$75.98 million; and copper concentrates, rising by US$73.75 million. With this, the country recorded a trade deficit of $4.40 billion, which is narrower by 20.9 percent compared to the $5.56 billion in May 2022 and the previous month’s $4.8 billion.
“The balance of trade in goods [BoT-G] is the difference between the value of export and import,” the PSA said. As for the exports growth, he said exports recovered to six-month highs after the pickup in electronic/semiconductor exports, which are the country’s largest exports. The growth in exports may be attributed, he said, to the easing of prices, “especially lower prices of global oil and other major commodities that reduced the input costs of exporters.”
Of the total external trade in May 2023, the PSA said 62.7 percent were imported goods, while the rest were exported goods.According to the PSA, the People’s Republic of China was the country’s top export and import destination.