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The Philippines’ trade deficit widened year-on-year in June 2024 as exports posted a bigger decline than imports during the period
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The balance of trade in goods in June 2024 amounted to -$4.30 billion, narrower than the $4.71-billion deficit posted in May but wider than the $3.94 billion in June 2023.
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Total external trade in June 2024 declined for the second consecutive month, dropping 11.3% to $15.44 billion from $17.40 billion in the same period last year
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Imports were 7.5% lower while exports fell 17.3% in June 2024
The country’s trade deficit widened year-on-year in June 2024 as exports posted a bigger decline than imports during the period, according to preliminary data from the Philippine Statistics Authority.
The balance of trade in goods in June 2024 amounted to -$4.30 billion, indicating a trade deficit with an annual increase of 9.3%. This is narrower than the $4.71-billion deficit posted in May but wider than the $3.94 deficit in June 2023.
Total external trade in June 2024 declined for the second consecutive month, dropping 11.3% to $15.44 billion from $17.40 billion in the same period last year.
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Imports, which accounted for 63.9% of the total, amounted to $9.87 billion, 7.5% lower than the $10.67 billion posted in June 2023.
From January to June 2024, imports recorded a 2.5% decrement to $61.41 billion from $62.96 billion in January to June 2023.
Exports fell for the second month in a row in June 2024, dropping 17.3% to $5.57 billion from $6.73 billion in June 2023.
From January to June 2024, exports decreased 3% year-on-year to $36.41 billion.
Electronic products remained the country’s top import and export commodity. Imports of electronic products were $2.23 billion or a share of 22.6% of the total, followed by mineral fuels, lubricants and related materials (15.9%), and transport equipment (8%).
Exports of electronic products accounted for $2.99 billion or 53.7% of the total export bill. It was
followed by other manufactured goods (5.1%), and other mineral products (4.5%).
By major type of goods, exports of manufactured goods still contributed the largest to the country’s total exports in June 2024, amounting to $4.34 billion or a 78% share. This was followed by mineral products (11.4%), and total agro-based products (7.9%).
Imports of raw materials and intermediate goods still accounted for the largest share of the country’s total imports in June 2024, sharing $3.54 billion or 35.9%. This was followed by capital goods (28.6%), and consumer goods (19.2%).
China continued to be the country’s largest supplier of imported goods valued at $2.60 billion or 26.3% of the total in June 2024. Other top import trading partners for the period were Indonesia (8.7%); Japan (7.7%); South Korea (7.2%); and the US (6.7%).
In terms of exports, the US comprised the highest export value of $897.80 million or a share of 16.1% of the total. Other top export destinations were Hong Kong (15.9%); China (15.6%); Japan (13.4%); and South Korea (4.3%).
