A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade decreased

In May 2023, the country’s total external trade in goods amounted to USD 17.28 billion, which indicates an annual decline of -5.1 percent from its level of USD 18.20 billion in the same period of the previous year. In April 2023, its annual decrease was recorded at -16.8 percent, while in May 2022, it expanded at an annual rate of  20.8 percent. (Figure 1, and Tables A, 1, and 2)

Of the total external trade in May 2023, 62.7 percent were imported goods, while the rest were exported goods.

2. Trade deficit posted an annual decline

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in May 2023 amounted to USD -4.40 billion, indicating a trade deficit with an annual decrease of -20.9 percent. In April 2023, the trade deficit recorded an annual decline of -9.0 percent and in May 2022, it posted an annual increase of 74.9 percent. (Figure 1, and Tables A, 1, and 2)

B. EXPORTS

1. Sales from export posted a positive growth

The country’s total export sales in May 2023 amounted to USD 6.44 billion from USD 6.32 billion in the same month of the previous year. This indicates an annual increase of 1.9 percent from a decrement of -20.2 percent in the previous month. In May 2022, the total export sales grew at an annual rate of 6.3 percent. (Figures 1 and 2, and Tables A, 1, and 2)

The commodity group with the highest annual growth in the value of exports in May 2023 was electronic products, which rose by USD 231.53 million. This was followed by ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, which increased by USD 75.98 million; and copper concentrates by USD 73.75 million. (Tables B and 3)

2. Year-to-date annual total exports decreased

The year-to-date annual total export earnings, that is from January to May 2023, amounted to USD 28.21 billion. This represents an annual decrease of -11.5 percent from the year-to-date annual total export value of USD 31.89 billion in January to May 2022. (Table 4)

3. Electronic products commodity group remained the highest on export sales

By commodity group, electronic products continued to be the country’s top exports in May 2023 with total earnings of USD 3.70 billion or 57.5 percent of the country’s total exports during the period. This was followed by other mineral products with an export value of USD 346.60 million (5.4%); and other manufactured goods, which amounted to USD 319.59 million (5.0%). (Figure 3 and Table 3)

4. Manufactured goods still comprised the largest portion of total exports among major types of goods

By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in May 2023 amounting to USD 5.20 billion (80.7%). This was followed by mineral products with a share of USD 670.24 million (10.4%); and total agro-based products, which contributed USD 443.21 million (6.9%). (Figure 4 and Table 5)

5. People’s Republic of China contributed the highest to the total export value

By major trading partner, exports to People’s Republic of China comprised the highest export value amounting to USD 1.07 billion or a share of 16.6 percent to the country’s total exports during the month.

Completing the top five major export trading partners in May 2023 with their export values and percent shares to the total exports were:

a) United States of America (USA), USD 1.01 billion (15.7%);
b) Japan, USD 930.56 million (14.4%);
c) Hong Kong, USD 665.00 million (10.3%); and
d) Netherlands, USD 346.65 million (5.4%). (Figure 5 and Table 7)

6. Majority of exports were for Asia-Pacific Economic Cooperation (APEC) countries

By economic bloc, majority of the country’s merchandise exports in May 2023 went to the APEC countries with a share of USD 5.28 billion (81.9%) to the country’s total exports. This was followed by East Asia, valued at USD 3.16 billion (49.1%), and the Association of Southeast Asian Nations (ASEAN) at USD 919.45 million (14.3%). (Figure 6, and Tables 8 and 16)

7. Eastern Asia contributed the highest export value by geographic region

By geographic region, Eastern Asia comprised the highest export value in May 2023 amounting to USD 3.16 billion (49.1%). This was followed by Northern America with an export value of USD 1.07 billion (16.6%) and Southeastern Asia with USD 919.46 million (14.3%) worth of export value. (Figure 7 and Table 17)

C. IMPORTS

1. Import value decreased in May 2023

The total imported goods in May 2023 amounted to USD 10.84 billion from USD 11.88 billion in the same month of the previous year, indicating an annual decrease of -8.8 percent. In April 2023, it recorded an annual decrease of -15.0 percent, while in May 2022, it exhibited a double-digit annual increase of 30.2 percent. (Figures 1 and 8, and Tables A, 1, and 2)

In May 2023, the commodity group with the highest decrement in the value of imported goods was mineral fuels, lubricants and related materials at USD -675.26 million. This was followed by electronic products, which declined by USD -580.33 million; and iron and steel by USD -164.79 million. (Tables C and 9)

2. Year-to-date annual total import value decreased

The year-to-date annual total import value, that is from January to May 2023, amounted to USD 52.20 billion. This represents an annual decrement of -6.6 percent from the total import value of USD 55.86 billion in January to May 2022. (Table 10)

3. Electronic products recorded the highest import value among commodity groups

The commodity group with the highest imported value in May 2023 was electronic products, which amounted to USD 2.20 billion or a share of 20.3 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 1.46 billion (13.4%); and transport equipment at USD 1.23 billion (11.3%). (Figure 9 and Table 9)

4. Imports of raw materials and intermediate goods contributed the highest among major types of goods

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the country’s total imports in May 2023 amounting to USD 4.05 billion (37.4%). Imports of capital goods ranked second with a share of USD 3.16 billion (29.2%), followed by consumer goods with an import value of USD 2.13 billion (19.7%). (Figure 10 and Table 11)

5. People’s Republic of China had the highest import value

People’s Republic of China was the country’s biggest supplier of imported goods valued at USD 2.60 billion or 24.0 percent of the country’s total imports in May 2023.

Completing the top five major import trading partners for this month with their corresponding import values and percent shares to the total imports were:

a. Indonesia, USD 917.05 million (8.5%);
b. Japan, USD 794.92 million (7.3%);
c. USA, USD 724.44 million (6.7%); and
d. Republic of Korea, USD 712.79 million (6.6%). (Figure 11 and Table 13)

6. Imports came largely from APEC member countries

By economic bloc, APEC countries were the biggest suppliers of the country’s imported goods in May 2023 with a share of USD 9.15 billion (84.4%). This was followed by East Asia with an import value of USD 4.75 billion (43.8%), and ASEAN with USD 3.24 billion (29.9%). (Figure 12, and Tables 14 and 16)

7. Eastern Asia contributed the highest import value among geographic region

By geographic region, Eastern Asia had the highest import value of USD 4.75 billion (43.8%) in May 2023. This was followed by Southeastern Asia with an import value amounting to USD 3.24 billion (29.9%), and Northern America valued at USD 785.64 million (7.2%). (Figure 13 and Table 17)

CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General