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The Philippines’ trade deficit ballooned to $5.09 billion, 16.9% higher year-on-year
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External trade in goods grew 9.1% in January to $17.82 billion from $16.32 billion in the same month last year
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Imports jumped 10.8% year-on-year, recovering after two consecutive months of decline
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After four months in a row of contraction, exports also recovered in January, growing 6.3%
The Philippines’ trade deficit ballooned to $5.09 billion, 16.9% higher year-on-year in contrast to the 0.8% and 21.6% declines recorded in December 2024 and January 2024, respectively, according to preliminary data from the Philippine Statistics Authority.
The latest deficit is the largest shortfall in three months with imports eclipsing exports.
External trade in goods in January grew 9.1% to $17.82 billion from $16.32 billion in January last year.
Imports accounted for 64.3% of the total with $11.45 billion, a 10.8% jump year-on-year and a recovery after two consecutive months of decline.
After four months in a row of contraction, exports also recovered in January with a 6.3% year-on-year increase to $6.36 billion.
By commodity group, electronic products remained the country’s top import and export.
Exports of electronic products in January earned $3.37 billion, up 53% from January 2024. It was followed by other manufactured goods with $471.07 million (7.4%), and coconut oil with $249.05 million (3.9%).
Imports of electronic products also shared 21.9% or $2.51 billion of the total import bill in January. This was followed by mineral fuels, lubricants and related materials at $1.62 billion (14.1%), and transport equipment at $906.22 million (7.9%).
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of the total in January with $4.18 billion or 36.5%. Capital goods followed with a share of $3.24 billion (28.3%), and consumer goods with $2.38 billion (20.8%).
China remained the country’s largest supplier of imported goods valued at $3.31 billion or a share of 28.9% of the total in January.
Other top import sources were Japan, $912.71 million (8%); Indonesia, $892.95 million (7.8%); South Korea, $862.27 million (7.5%); and the US, $690.81 million (6%).
In terms of exports, the US topped with $1.13 billion or a share of 17.7% of the total export bill in January.
Following were Japan, $945.80 million (14.9%); Hong Kong, $722.81 million (11.4%); China, $645.57 million (10.1%); and Singapore, $266.48 million (4.2%).
