Despite rising exports, the Philippine international goods trade deficit expanded in February as imports grew even faster, reported the Philippine Statistics Authority (PSA) on Friday.

The Philippines exported $7.33 billion worth of goods in February, up 8% on year, while imports grow 12.6% on year to $11.0 billion, reported officials.

The nation's goods trade deficit expanded to $3.68 billion in February, up 23.1% on year.

On outbound shipments, electronic products remained by far the Philippines' top export, logging at $4.23 billion in February, and making up 57.7% of total goods shipped.

In February, the amount of Philippine electronic products shipped rose 20.5% on year.

Completing the top three export product categories in the month were machinery and transport exports at $415.2 million, at 5.7% of total, and then gold at $337.6 million, or 4.6% of exports, reported the PSA .

The top five export trading partners in February were the US, receiving 19.3% of total shipments, followed by Hong Kong, at 16%, then Japan at 13.5%, China at 9.1% and the Netherland at 4.5% of exports, according to the PSA.

The top five importing nations in February were China, at 28.4% of total inbound shipments, followed by South Korea, at 12.5%, Japan, at 8.5%, Indonesia at 7%, and the US at 5.5%.

Separately, the nation's central bank, Bangko Sentral ng Pilipinas, on Thursday held a special policy meeting and kept its key interest rate unchanged at 4.25%, citing inflation risks due to rising imported oil and fertilizer prices.