By Komfie Manalo
With public transport the beating heart of cities and towns, the Philippines imported some P20.33 billion ($348.54 million) of transport equipment in May, pulling up the country's trade deficit by 4.5% during the month, data from the Philippine Statistics Authority (PSA) showed.
One of the government's critical infrastructure projects is the P488.5 billion Metro Manila Subway project. When completed, the subway will connect and enable commuters to access public transport more affordably and efficiently.
"In May 2024, the commodity group with the highest annual decrement in the value of imported goods was transport equipment with $348.54 million. This was followed by other food and live animals, which decreased by $62.73 million, and electronic products with an annual decline of $54.87 million," the PSA said.
Data released by the PSA showed that the balance of trade in goods or the difference between the value of exports and imports amounted to $4.6 billion, up from the $4.4 billion recorded in May last year.
Exports reached $6.33 billion, down by 3.1% from the $6.53 billion in May last year.
"The commodity group with the highest annual decrement in the value of exports in May 2024 was electronic products with $190.23 million," the PSA said.
This was followed by other mineral products, which declined by $43.66 million, and ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships, which declined by $29.54 million annually.
By significant trading partner, exports to the United States of America (USA) comprised the highest export value, amounting to $1.08 billion.
Other major export trading partners include Hong Kong, Japan, the People's Republic of China, and Thailand.
Meanwhile, the total value of imported goods amounted to $10.93 billion, lower by 0.03% from the $10.933 billion in May last year.
The People's Republic of China was the country's largest supplier of imported goods.
Other sources of imports were Korea, Indonesia, USA and Thailand.
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