Manila: 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 USD3.29 billion, lower than the USD4.73 billion trade gap in May last year.

According to Philippines News Agency, total export sales went up by 15.1 percent to USD7.29 billion from USD6.33 billion in May 2024. Electronic products continued to be the country's top exports with total earnings of USD3.84 billion, higher than the USD3.56 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 USD1.115 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 USD10.58 billion from USD11.06 billion last year. The PSA attributed the decline to the USD767.32 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 USD3.15 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.