The Philippines’ total external trade in goods rose by 15.3 percent to USD20.85 billion in March this year, up from USD18.07 billion in the same month last year, according to preliminary data released by the Philippine Statistics Authority (PSA) on Thursday.
In its report, the PSA said the total external trade in March was the highest recorded since 1991.
Imports accounted for 60.8 percent of the total, while exports comprised the remaining 39.2 percent.
Data showed that the balance of trade of goods, or the difference between the value of exports and imports, slightly rose to USD4.50 billion from USD4.51 billion a year ago.
Exports continued their upward trend, increasing by 20.4 percent to USD8.17 billion.
Electronic products remained the country’s top export during the month, generating USD4.82 billion, or nearly 60 percent of total exports.
This was followed by machinery and transport equipment, with export earnings of USD 407.22 million, and other manufactured goods at USD402.73 million.
The United States, Hong Kong, Japan, the People’s Republic of China, and Taiwan were the country’s top export destinations.
Meanwhile, the total value of imported goods also grew by 12.3 percent to USD12.68 billion.
Raw materials and intermediate goods accounted for the largest share of imports, totaling USD4.60 billion, followed by capital goods and consumer goods.
China remained the country’s largest supplier of imported goods, valued at USD3.50 billion or 27.6 percent of total imports in March.
Other leading sources of imports included South Korea, Japan, Indonesia, and the United States. (PNA)
