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The Philippines’ trade deficit in October widened by 36.8% year-on-year as imports recorded double-digit growth while exports continued to decline
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The balance of trade amounted to -$5.80 billion in October
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For the fourth consecutive month, total external trade in goods grew 4.9% in October 2024 to $18.13 billion from $17.28 billion in October 2023
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Imports rose 11.2% to $11.96 billion while exports dropped 5.5% to $6.16 billion
The Philippines’ trade deficit in October widened by 36.8% year-on-year as imports recorded double-digit growth while exports continued to decline, preliminary data from the Philippine Statistics Authority showed.
The country’s balance of trade (the difference between imports and exports) amounted to -$5.80 billion in October 2024. In September 2024 and October 2023, the trade deficit registered annual increases of 43.7% and 29.4%, respectively.
For the fourth consecutive month, total external trade in goods grew 4.9% in October 2024 to $18.13 billion from $17.28 billion in October 2023.
Imports, which accounted for 66% of the total, grew for the fourth month in a row in October 2024. Imports rose 11.2% to $11.96 billion from $10.76 billion in October 2023.
From January to October this year, imports amounted to $107.05 billion, a 1.7% hike from $105.25 billion posted in the same period last year.
Exports, on the other hand, dropped for the second consecutive month to $6.16 billion, 5.5% lower than the $6.52 billion recorded in October 2023.
Still, exports from January to October grew slightly by 0.4% to $61.83 billion from $61.60 billion in January to October 2023.
By commodity group, electronic products remain the country’s top import and export.
Import of electronic products accounted for a share of 22.3% or $2.67 billion of the total import bill. This was followed by mineral fuels, lubricants and related materials at $1.69 billion (14.1%), and transport equipment at $1.22 billion (10.2%).
Exports of electronic products shared $2.87 billion or 46.5% of the total export bill in October 2024.
Other manufactured goods followed with an export value of $510.58 million (8.3%), and other mineral products with $297.87 million (4.8%).
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share amounting to $4.17 billion or 34.9%. Following this were capital goods, which shared $3.46 billion or 29%, and consumer goods with an import value of $2.60 billion or 21.8% of the total.
Exports of manufactured goods, meanwhile, contributed the largest to the total exports in October 2024, with $4.72 billion or a share of 76.6%. This was followed by mineral products with $681.57 million (11.1%), and total agro-based products with $591.98 million (9.6%).
China remained the country’s largest supplier of imported goods valued at $3.07 billion or 25.6% of the total in October 2024.
The four other major import trading partners for the month were Indonesia, $1.01 billion (8.5%); South Korea, $989.72 million (8.3%); Japan, $926.80 million (7.7%); and the US, $754.16 million (6.3%).
The US, on the other hand, was the top export destination in October with $995.26 million or a share of 16.2% to the total. It was followed by Japan, $940.98 million (15.3%); China, $853.52 million (13.9%); Hong Kong, $592.23 million (9.6%); and Thailand, $304.96 million (4.9%).
