The Philippines' trade deficit surged by 36.8 percent to $5.8 billion in October 2024, up from $4.24 billion in the same period last year, as exports dropped by 5.5 percent year-on-year while imports jumped 11.2 percent, according to the Philippine Statistics Authority (PSA).
A. Overall trade performance
- Total external trade grew by 4.9 percent in October 2024, reaching $18.13 billion, with imports making up 66 percent and exports comprising 34 percent .
- Trade deficit widened by 36.8 percent, amounting to $5.80 billion.
B. Exports
- Export sales decreased by 5.5 percent year-on-year to $6.16 billion in October 2024.
- Electronic products led exports but experienced the highest decline, valued at $868.86 million.
- Year-to-date exports rose 0.4 percent, totaling $61.83 billion from January to October 2024.
- Manufactured goods dominated exports, contributing 76.6 percent of total export value.
- The United States was the largest export market, accounting for 16.2 percent of total exports, followed by Japan and China.
- APEC countries received 84 percent of total exports, with East Asia leading geographically.
C. Imports
- Imports surged 11.2 percent to $11.96 billion in October 2024, faster than the 10.1 percent in September.
- Year-to-date imports increased 1.7 percent, amounting to $107.05 billion.
- Electronic products remained the top imported commodity, totaling $2.67 billion.
- China was the top source of imports accounting for $3.07 billion or 25.6 percent of total, followed by Indonesia (8.5 percent) , South Korea (8.3 percent), Japan (7.7 percent) and the United States (6.4 percent).
