A man rests inside his floating house near a container port warehouse in Navotas, Manila. March 2, 2018, Jonathan Cellona, ABS-CBN News/File
MANILA - The Philippines' trade deficit in February registered an annual decline of 2.7 percent to $3.88 billion, the Philippine Statistics Authority said on Tuesday.
Total export sales for the month reached $5.08 billion while imports hit $8.95 billion, both registering annual declines, government data showed.
Annual total export sales from January to February 2023 reached $10.33 billion, 15.6 percent lower compared to the same period the previous year, the PSA said.
Japan contributed the highest total to the export value, amounting to $822.65 million, followed by the US, China, Hong Kong, and Singapore, data showed.
Meanwhile, the January to February's total import value also declined to $19.94 billion, lower by 3.9 percent compared to the $20.74 billion in the same period the previous year, the PSA said.
China is the country's top major import trading partner for the month, followed by Indonesia, Japan, the US, and South Korea, according to government data.
Overall external trade for the month also declined to $14.03 billion, the PSA said.
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