The trade deficit for January rose 63.2 percent to $4.7 billion from year-ago figures, the Philippine Statistics Authority (PSA) said Friday.

In January, the deficit rose 115.3 percent from month ago data.

In January, total external trade in goods amounted to $16.78 billion which indicates an annual growth rate of 20.1 percent.

Total external trade marked its 12th consecutive month of positive annual growth. In the previous month, the annual increase was faster at 25.9 percent. On the contrary, total external trade in January 2021 recorded a decline of -9 percent.

Total exports amounted to $6.04 billion, increased at an annual rate of 8.9 percent, from an increment of 7.3 percent in the previous month. This was the 11th consecutive month of positive annual growth in exports value since March 2021. In January 2021, total export sales decreased at an annual rate of -4.4 percent.

Imports, which amounted to $10.74 billion, increased at an annual rate of 27.5 percent. Total imports marked its 12th consecutive month of positive annual growth. In December 2021, the annual increase was higher at 39.1 percent, while in January 2021, imports value decreased by -11.8 percent annually.

By commodity group, electronic products continued to be the Philippines’ top export in with total earnings of $3.51 billion. This amount accounted for 58 percent of the total exports during the period. This was followed by other manufactured goods with an export value of $450.30 million (7.5 percent); and cathodes & sections of cathodes, of refined copper which amounted to $231.74 million (3.8 percent).

By major trading partner, exports to the United States of America comprised the highest export value amounting to $934.77 million or a share of 15.5 percent to total exports during the month.

Completing the top five major export trading partners with their export values and percent shares to the total exports were: China, $885.06 million (14.6 percent); Japan, $826.59 million (13.7 percent); Hong Kong, $738.94 million (12.2 percent); and Singapore, $413.54 million (6.8 percent).

China was the biggest supplier of imported goods valued at $2.07 billion or 19.3 percent of the total imports.

Completing the top five major import trading partners with their corresponding import values and percent shares to the total imports were: Republic of Korea, $1.06 billion (9.8 percent); Japan, $946.92 million (8.8 percent); USA, $765.02 million (7.1 percent); and Singapore, $616.74 million (5.7 percent). DMS