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The country’s trade deficit narrowed in August 2024 as imports and exports continued to post increases during the period
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Total external trade in goods improved for the second month in a row in August with $17.87 billion, 1.8% higher year-on-year
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Imports hiked 2.7% year-on-year to $11.12 billion while exports grew 0.3% year-on-year to $6.75 billion
The country’s trade deficit narrowed in August 2024 as imports and exports continued to post increases during the period, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in August amounted to -$4.38 billion, indicating a trade deficit with an annual increment of 6.6%, slower than the 18.2% growth in July 2024 and in contrast with the 31.5% decline in August 2023.
Total external trade in goods improved for the second month in a row in August with $17.87 billion, 1.8% higher than the $17.56 billion posted in the same period last year. It was also slower than the 4.6% increase in July 2024 but an improvement from the 7.2% decline in August 2023.
Imports, which accounted for 62.2% of the total external trade, recorded an increase for the second month in a row in August, hiking 2.7% year-on-year to $11.12 billion.
Still, imports from January to August 2024 dropped 0.5% to $83.70 billion from $84.17 billion in the same period last year.
Exports likewise rose for two consecutive months in August, climbing 0.3% year-on-year to $6.75 billion.
For the January to August 2024 period, exports also increased 2.3% to $49.41 billion from $48.31 billion in January to August 2023.
By commodity group, electronic products continued to be the country’s top import and export product.
Imports of electronic products accounted for 22% or $2.44 billion of the total import bill, while exports of the commodity shared 52.9% or $3.57 billion to the total export bill.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share with $4.06 billion or 36.5%. For exports, manufactured goods continued to contribute the biggest share with $5.48 billion or 81.2% of the total.
China remains the country’s largest supplier of imported goods valued at $2.79 billion or 25.1% in August 2024.
It was followed by Indonesia, $972.40 million; South Korea, $925.36 million; Japan, $827.11 million; and the US, $707.33 million.
For exports, the US was the top export destination accounting for to $1.22 billion or 18.1% of the total exports in August.
Hong Kong followed with $942.56 million, and then Japan ($935.33 million), China ($849.38 million), and South Korea ($332.64 million).
