The Philippines posted a slightly narrower trade deficit in August versus the previous month after an increase in exports, the Philippine Statistics Authority said on Tuesday.

Data from the state statistics bureau showed that the country's trade deficit narrowed by 31.5 percent to $4.13 billion in August. The trade deficit was at $4.2 billion in July.

Significant drop in imports

Imports experienced a significant drop of 13.1 percent from a year ago, totaling $10.83 billion, marking the seventh consecutive month of decline. On the other hand, exports saw a notable increase of 4.2 percent to reach $6.7 billion, marking the biggest growth in nine months.
PSA said China was the primary source of imported goods for the Philippines in August, accounting for 22.4 percent of the nation's total imports.
Other significant import partners for the Philippines include Indonesia, Japan, South Korea and the United States.

US leading exports destination

Furthermore, the United States was the leading destination for Philippine exports in August, with exports valued at $1.1 billion, constituting a share of 16.4 percent of the overall exports.
Japan, Hong Kong, China and Singapore are also the country's export trading partners.