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The country’s trade deficit narrowed 11% year-on-year in December based on preliminary data from the Philippine Statistics Authority
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The balance of trade dropped to -US$4.01 billion, an 11% decrease in contrast to the 29.5% increase in November but lower than the 11.8% decline in December 2022
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External trade dropped 3.5% to $15.57 billion in December 2023
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This marks the 13th consecutive month of falling external trade
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Imports, comprising 62.9% of total trade, contracted by 5.1% to $9.79 billion
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Exports fell by 0.5% to $5.78 billion, with electronic products maintaining dominance in both import and export values
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China remains the top supplier of imported goods, while Hong Kong leads in export value
The country’s trade deficit narrowed 11% year-on-year in December based on preliminary data from the Philippine Statistics Authority.
The balance of trade reached US$-4.01 billion in December, in contrast with the 29.5% surge in November but lower than the 11.8% decrease in December 2022.
Overall external trade contracted by 3.5%, totaling $15.57 billion in December compared to $16.13 billion in the same period in 2022.
Imports, constituting 62.9% of the total trade, shrank by 5.1% to $9.79 billion.
For the whole of 2023, imports decreased by 8.2%, amounting to $125.95 billion—a decline from the $137.22 billion recorded in the same period in 2022.
Exports experienced their fourth consecutive monthly decline in December 2023, registering a 0.5% downturn to $5.78 billion from $5.81 billion in December 2022.
Exports decreased by 7.6% to $73.52 billion in 2023 compared to $79.57 billion year-on-year.
Electronic products continued to dominate the import and export landscape, accounting for $3.38 billion or 58.4% of the total export bill and contributing $2.09 billion or 21.4% to the total import bill.
Among the major types of goods, imports of raw materials and intermediate goods held the largest share at $3.48 billion or 35.6%, while manufactured goods constituted the largest share of the total export bill at $4.74 billion or 82%.
In terms of major trading partners, China retained its position as the country’s primary supplier of imported goods, recording $2.28 billion or a 23.2% share in December 2023, followed by Japan at $825.23 million, Indonesia at $823.18 million, the US at $748.89 million, and Thailand at $649.94 million.
Hong Kong led in export value, contributing $951.14 million or a 16.5% share to the total export bill in December 2023, followed by the US at $904.78 million, Japan at $703.98 million, China at $703.89 million, and South Korea at $325.53 million.
