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The country’s trade deficit narrowed slightly in November 2024 with decreases in both exports and imports
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After four consecutive monthly increases, external trade in goods shrank 6.3% to $16.15 billion in November year-on-year
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Imports declined 4.9% to $10.46 billion while exports fell at a higher clip of 8.7% to $5.69 billion
The country’s trade deficit narrowed slightly in November 2024 with decreases in both exports and imports, based on preliminary data from the Philippine Statistics Authority.
Balance of trade in goods (the balance between imports and exports) amounted to -$4.77 billion in November 2024, leading to a trade deficit with an annual decline of 0.04% compared to double-digit increases in October 2024 and November 2023 of 36.3% and 30.6%, respectively.
After four consecutive months of increases, external trade in goods shrank 6.3% to $16.15 billion in November 2024 from $17.23 billion in November 2023.
Imports, which contributed 64.8% of the total, also posted a contraction after growing four months in a row. Imports fell 4.9% to $10.46 billion last November from $11 billion year-on-year.
But for the first eleven months of 2024, imports grew 1.1% to $117.51 billion from $116.25 billion in the same period in 2023.
Exports declined for the third consecutive month in November, diving 8.7% to $5.69 billion from $6.23 billion.
From January to November 2024, exports slipped 0.4% to $67.55 billion from $67.83 billion in the same period in 2023.
By commodity group, electronic products remained the country’s top import and export.
Imports of electronic products accounted for $2.46 billion or 23.5% of the total in November. It was followed by mineral fuels, lubricants and related materials at $1.31 billion (12.5%), and transport equipment at $819.93 million (7.8%).
Even though it recorded the highest annual decrement in terms of export value, electronic products were still the top export commodity in November 2024 with $2.79 billion or a share of 48.9%. Following were other manufactured goods with $420 million (7.4%), and machinery and transport equipment with $245.61 million (4.3%).
By major type of goods, exports of manufactured goods still contributed the largest to the total export bill in November 2024, amounting to $4.43 billion or a share of 77.9%. This was followed by mineral products with a share of $563.17 million (9.9%), and total agro-based products, which contributed $539.32 million (9.5%).
For imports, raw materials and intermediate goods continued to account for the largest share with $3.85 billion or 36.8% of the total in November. Capital goods followed with a share of $2.91 billion (27.8%), and consumer goods with $2.35 billion (22.5%).
China remains the country’s largest supplier of imported goods valued at $2.82 billion or 27% of the country’s total imports in November 2024. Indonesia came second with $877.77 million (8.4%), then followed by Japan with $827.75 million (7.9%); South Korea with $774.55 million (7.4%); and the US with $621.30 million (5.9%).
In terms of exports, the US comprised the highest export value of $969.09 million or a share of 17% to the total in November 2024. The other top export destinations were Japan, $916.12 million (16.1%); China, $786.35 million (13.8%); Hong Kong, $600.24 million (10.5%); and Singapore, $288.11 million (5.1%).
