Manila, March 14 : The Philippines' total external trade in goods fell by 2.4 per cent in January to $16.20 billion, authorities said on Tuesday.

Of the total external trade in January, 67.7 percent were imported goods, while the rest were exported goods, the agency said.

The balance of trade amounted to -5.74 billion dollars, indicating a trade deficit with an annual increase of 27.2 percent, it added.

In December 2022, the annual decrease was 8.9 percent and trade deficit recorded an annual decline of 11.9 percent.