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The Philippines’ trade deficit grew 18% in July 2024 with imports and exports posting increases during the period
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Total external trade in goods recovered in July 2024, up 4.5% to $17.37 billion
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Imports saw a 7.2% year-on-year growth while exports slightly improved by 0.1%
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Electronic products remained the top import and export commodity
The Philippines’ trade deficit grew double digits in July 2024 with imports and exports posting increases during the period, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in July amounted to $4.87 billion, resulting in a trade deficit with an annual increase of 18%, faster than the 9.8% increment recorded in June 2024 and the 31% decline in July 2023.
READ: PH trade deficit widens in June
Total external trade in goods recovered in July 2024, posting a 4.5% increase to $17.37 billion from $16.616 billion in the same period last year. The increase was an improvement from two consecutive months of decline, and from the 11.1% and 10% decrease recorded in June 2024 and July 2023, respectively.
After dropping in June, imports, which accounted for 64% of the total, posted a 7.2% year-on-year growth in July to $11.12 billion.
Still, imports from January to July 2024 saw a 1% decrement to $72.57 billion from $73.33 billion in the same period last year.
Following two months in a row of decline, exports slightly improved by 0.1% in July with $6.249 billion from $6.246 billion in the same month of the previous year.
From January to July 2024, exports amounted to $42.66 billion, 2.6% higher than the $41.58 billion in January to July 2023.
Electronic products remained the country’s top import and export commodity in July.
It accounted for $2.53 billion or 22.8% of the total import bill, followed by mineral fuels, lubricants and related materials at $1.44 billion (12.9%), and transport equipment at $1.03 billion (9.2%).
Electronic products also shared 52.1% or $3.25 billion of the total export bill, followed by other manufactured goods with $421.25 million (6.7%), and other mineral products with $259.93 million (4.2%).
Electronic products also had the highest recorded increase in terms of imports in July with $268.32 million, while copper concentrates had the highest recorded growth in terms of exports with $115.80 million.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share of the country’s total imports with $4.22 billion or a share of 38%. This was followed by capital goods with $3.29 billion (29.6%), and consumer goods with $2.13 billion (19.2%).
In terms of exports, manufactured goods contributed the largest with $4.98 billion or a share of 79.6%.
Following this were mineral products with $583.60 million (9.3%), and total agro-based products with $513.39 million (8.2%).
China continued to be the country’s largest supplier of imported goods valued at $3.08 billion or 27.7% of the total imports in July 2024. The four other top import sources were Indonesia, $947.55 million; Japan, $893.54 million; South Korea, $810.32 million; and the US, $675.58 million.
The US, meanwhile, was the top export destination in July, recording $1.06 billion or a share of 16.9% of the total. It was followed by Japan with $872.43 million, China ($791.29 million), Hong Kong ($744.82 million), and South Korea ($305.17 million).
