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The country’s trade deficit posted an annual decline of 1% in December 2024 as both imports and exports continued to record decreases during the period
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The country’s total external trade in goods decreased for the second month in a row in December 2024, falling 1.9% to $15.45 billion
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Imports dropped 1.7% to $9.79 billion while exports decreased 2.2% to $5.66 billion
The country’s trade deficit posted an annual decline of 1% in December 2024 as both imports and exports continued to record decreases during the period, preliminary data from the Philippine Statistics Authority said.
The balance of trade in goods in December 2024 amounted to minus $4.14 billion, indicating a 1% drop in the trade deficit from an annual increase of 1.7% in November 2024 and 7.4% decline in December 2023.
The country’s total external trade in goods decreased for the second month in a row in December 2024, falling 1.9% to $15.45 billion from $15.75 billion in December 2023.
Of the total, imports accounted for a 63.4% share with $9.79 billion. This, however, is 1.7% lower than the $9.96 billion posted in December 2023.
For the whole year, imports reached $127.43 billion, a 1% growth from the $126.21 billion in 2023.
Exports, meanwhile, shrank for the fourth consecutive month, albeit slower, to $5.66 billion, down 2.2% from $5.78 billion in December 2023.
From January to December 2024, exports dropped 0.5% to $73.21 billion from $73.62 billion in January to December 2023.
By commodity group, electronic products remained the country’s top import and export.
Imports of electronic products amounted to $2.11 billion in December 2024, or a share of 21.6% of the total. This was followed by mineral fuels, lubricants and related materials at $1.37 billion (14%), and transport equipment at $956.16 million (9.8%).
For exports, electronic products accounted for $2.80 billion or 49.6% of the total, followed by other manufactured goods with $355.36 million (6.3%), and coconut oil with $283.56 million (5%).
By major type of goods, imports of raw materials and intermediate goods had the largest share of $3.38 billion or 34.5% of the total. Capital goods followed with $2.93 billion (29.9%), and then consumer goods with $2.09 billion (21.3%).
Manufactured goods, on the other hand, contributed the largest to the total exports bill in December 2024, amounting to $4.33 billion or a share of 76.5%. This was followed by total agro-based products with $608.86 million (10.8%), and mineral products with $559.34 million (9.9%).
China continued to be the country’s largest supplier of imported goods in December 2024 with $2.62 billion or a share of 26.7% to the total. The four other top suppliers were Japan, $881.48 million (9%); South Korea, $777.12 million (7.9%); Indonesia, $727.84 million (7.4%); and US, $644.48 million (6.6%).
The US, meanwhile, was the top export destination in December 2024 with $947.77 million or a share of 16.8%. It was followed by Japan, $762.19 million (13.5%); China, $725.76 million (12.8%); Hong Kong, $614.17 million (10.9%); and Singapore, $284.53 million (5%).
