Philippines'total external trade shrinks 59.8 pct in April 2020

MANILA,June 10(Xinhua)--The Philippines'total external trade in goods in April 2020 amounted to 6.07 billion U.S.dollars,a 59.8 percent decline than its previous month's annual drop of 25.6 percent,the Philippine Statistics Authority(PSA)said on Wednesday.

Of the total external trade,the PSA said more than half or 54.1 percent were imported goods and the rest were exported goods.

The country's balance of trade in goods in April 2020 drastically declined to 0.50 billion U.S.dollars or an annual drop of 86.9 percent.In March 2020,the annual decline in trade deficit was slower at 29.0 percent.

On the contrary,trade deficit grew at an annual rate of 2.7 percent in April 2019.

PSA data showed that the country's total export sales in April 2020 amounted to 2.78 billion U.S.dollars,a decrease of 50.8 percent from the 5.65 billion U.S.dollars total export generated in April 2019.

"This contraction was the highest recorded annual decrease in export sales since January 2009,"the PSA said in a statement.

In the previous month,the PSA said the annual decline was slower at 24.7 percent while in April 2019,exports grew at annual rate of 3.1 percent.

Largely contributing to the downtrend in April 2020 were seven of the top ten major export commodities led by other manufactured goods which declined 64.0 percent;machinery and transport equipment,-63.6 percent;and coconut oil,-55.5 percent,the PSA added.

The PSA data also showed total imported goods in April 2020,which amounted to 3.28 billion U.S.dollars,plunged at an annual rate of 65.3 percent,the PSA said.

"This was the highest annual decline recorded since April 2009,"the PSA added.

In the previous month,the the PSA said the decline was slower at 26.2 percent while in April 2019,imports grew by 2.9 percent annually.

The PSA said the decrement of imported goods in April 2020 was due to the decreases in the top 10 major import commodities led by transport equipment,which declined 89.8 percent;mineral fuels,lubricants and related materials,-87.4 percent;and miscellaneous manufactured articles,-75.5 percent.

According to the PSA,China was the Philippines'biggest supplier of imported goods with 22.3 percent share to the total imports in April 2020.Enditem