Chinese mainland contributes biggest share in Philippines' June total external trade

The Chinese mainland contributed the biggest share in the Philippines' total external trade in goods in June 2020, the Philippine Statistics Authority (PSA) said on Wednesday.

In a report, the PSA said the country's total external trade in goods in June 2020 shrank at an annual rate of 19.9 percent at 11.97 billion U.S. dollars.

"This was lower than its previous month's annual drop of 35.3 percent but faster than its rate of decrease in June 2019 of 2.9 percent," the PSA said.

Of the total external trade, the PSA said 55.4 percent were imported goods and the rest were exported goods.

The PSA said the balance of trade in goods (BoT-G), or the difference between the value of export and import for June 2020 declined 1.30 billion U.S. dollars, representing a trade deficit with an annual decline of 50.6 percent.

In the previous month, the PSA said trade deficit fell at a faster rate of 63.8 percent and was slower at 25.8 percent in June a year ago.

"The annual drop in June 2020 was the fourth month that total exports had consecutive negative growth," the PSA report read.

In the previous month, the export value fell at an annual rate of 26.9 percent while gained at a rate of 3.9 percent in June 2019.

According to the PSA, the Chinese mainland contributed the highest export value.

By major trading partner, the PSA said exports to the Chinese mainland comprised the highest value amounting to 891.58 million U.S. dollars or 16.7 percent during the month. Exports increased by 2.8 percent, from 867.28 million U.S. dollars in June 2019.

Completing the top five major export trading partners were Japan with an export value of 807.05 million U.S. dollars or 15.1 percent; the United States, 768.66 million U.S. dollars or 14.4 percent; China's Hong Kong Special Administrative Region, 761.72 million U.S. dollars or 14.3 percent; and Singapore, 319.89 million U.S. dollars or 6.0 percent.

The PSA said the total imported goods in June 2020, which amounted to 6.63 billion U.S. dollars, plunged at an annual rate of 24.5 percent.

In the previous month, the decline was faster at 40.6 percent while in June 2019, imports decreased by 7.2 percent annually.

The the decline of imported goods in June 2020 was due to the decrease in seven out of the top 10 major import commodities.