The country's trade deficit fell by 30.4 percent in May, data released by the Philippine Statistics Authority (PSA) showed.

In a report released Friday, the PSA said the balance of trade in goods, or the difference between the value of exports and imports, recorded a deficit of $3.29 billion, lower than the $4.73 billion trade gap in May last year.

Total export sales went up by 15.1 percent to $7.29 billion from $6.33 billion in May 2024.

Electronic products continued to be the country's top exports with total earnings of $3.84 billion, higher than the $3.56 billion recorded last year.

This was followed by other manufactured goods, machinery and transport equipment, copper concentrates, and gold.

By major trading partner, the United States comprised the highest export value amounting to $1.115 billion or 15.3 percent of the country’s total exports in May this year.

Other top export trading partners are Hong Kong, Japan, the People's Republic of China, and Singapore.

The total value of imported goods, meanwhile, declined by 4.4 percent to $10.58 billion from $11.06 billion last year.

The PSA attributed the decline to the $767.32 million decrease in the value of imported mineral fuels, lubricants, and related materials.

The value of imported metalliferous ores and metal scrap, cereals and cereal preparations, feeding stuff for animals, and iron and steel also declined during the month.

China was the country’s largest supplier of imported goods valued at $3.15 billion or 29.7 percent of the country’s total imports in May.

Other top sources of imports were Indonesia, Japan, the Republic of Korea, and the US. 

PNA PHOTO