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The country’s trade deficit widened by 43.4% year-on-year in September 2024 as imports rose while exports declined during the period
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External trade grew for the third consecutive month in September 2024, improving 3% to $17.60 billion $17.09 billion in September 2023
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Imports rose for the third month in a row by 9.9% to $11.34 billion while exports dropped 7.6% to $6.26 billion
The country’s trade deficit widened by 43.4% year-on-year in September 2024, with balance of trade in goods amounting to -$5.09 billion, according to preliminary data from the Philippine Statistics Authority.
The latest deficit is faster than the 7% annual increase in August 2024 and in contrast with the 25.5% decrease in September 2023.
External trade grew for the third consecutive month in September 2024, improving 3% to $17.60 billion from $17.09 billion in September 2023.
Accounting for 64.4% of the total trade in September were imports, which also rose for the third month in a row by 9.9% to $11.34 billion from $10.32 billion in September last year.
From January to September 2024, imports improved slightly by 0.6% to $95.07 billion from $94.49 billion in the same period last year.
After two months of posting increases, exports in September 2024 dropped 7.6% to $6.26 billion from $6.77 billion in September 2023.
Even so, exports for the first nine months of the year still grew 1.1% to $55.67 billion from $55.08 billion in January to September 2023.
By commodity group, electronic products remain the country’s top import and export.
Imports of electronic products shared 21.2% or $2.40 billion of the total import bill in September 2024. It was followed by mineral fuels, lubricants and related materials with 1.36 billion (12%), and transport equipment at $1.12 billion (9.9%).
Electronic products also accounted for 50.3% or $3.15 billion of the total export bill, followed by other manufactured goods with $506.69 million (8.1%), and other mineral products with $330.23 million (5.3%).
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share amounting to $4.33 billion or 38.2% of the total import bill in September 2024. It was followed by capital goods with $3.03 billion (26.7%), and consumer goods with $2.56 billion (22.6%).
Exports of manufactured goods, meanwhile, still contributed the largest to the total export bill in September 2024 with $4.95 billion or a share of 79.2%. Mineral products followed with a share of $645.24 million (10.3%), and total agro-based products with $492.62 million (7.9%).
China remained the country’s top import source in September 2024 with $2.84 billion or a 25% share of the total during the period. Other top import suppliers were Indonesia, $1.09 billion (9.6%); Japan, $837.75 million (7.4%); South Korea, $784.65 million (6.9%); and Thailand, $735.58 million (6.5%).
For exports, the U.S. accounted for the highest share in September with $1.08 billion or 17.3% of the total. Following were Hong Kong, $867.42 million (13.9%); Japan, $847.47 million (13.5%); China, $830.36 million (13.3%); and South Korea, $318.50 million (5.1%).
