The country's trade deficit increased in October amid double-digit declines in both imports and exports, the Philippine Statistics Authority said on Tuesday.

Data from the state-run statistics bureau showed that the Philippines posted a trade deficit of $4.17 billion for October, narrowed by 26 percent from $3.31 billion the same month last year.

A trade deficit happens when a nation's import expense exceeds its export revenue.

In October, imports fell 4.4 percent to $10.54 billion, a slower rate of contraction from $11.02 billion in the same month a year ago.

Imports of electronic products decreased by $590.51 million to $2.19 billion, while mineral fuels, lubricants, and related materials dropped by $99.34 million to $1.79 billion. Other food and live animal imports also saw a decline of $71.48 million, totaling $409.09 million.

Furthermore, there was a decline of $62.47 million in animal and vegetable oils and fats, bringing the total imports to $109.73 million. Metalliferous ores and metal scrap also experienced a drop of $47.18 million, reaching $219.08 million in imports.

The People's Republic of China stood as the largest supplier of imported goods, amounting to $2.60 billion, followed by Indonesia at $917.5 million, Japan at $834.9 million, the Republic of Korea at $785.8 million, and the USA at $711.8 million.

From January to October this year, the total import value hit $104.97 billion, marking a 9.6 percent decrease from the $116.08 billion recorded in the corresponding period last year.

Exports down

Exports dropped by 17.5 percent to $6.36 billion, down from $7.71 billion the previous year and slightly below September's $6.73 billion.

The most significant declines were seen in electronic products, down by $1.476 billion, followed by other copper concentrates, decreasing by $43.09 million.

Additionally, coconut oil saw a decrease of $23.22 million, gold dropped by $15.21 million, and miscellaneous manufactured articles were down by $13.19 million.

Out of the total exports, manufactured goods made up the largest share, contributing $5.19 billion (81.5 percent), followed by mineral products at $599.36 million (9.4 percent), and agro-based products totaling $418.59 million (6.6 percent).

The United States of America took the lead as the primary destination for exports, totaling $1.02 billion, followed by Japan with $902.65 million, the People's Republic of China with $880.37 million, Hong Kong with $759.02 million, and the Republic of Korea with $317.38 million in export value.

In October, export performance contributed to a total earning of $60.91 billion, marking a 7.8 percent decrease from the $66.08 billion earned in the same period last year.