The Philippines experienced a widening trade deficit in November 2024 due to a significant decline in merchandise exports. This trend continued from previous months, resulting in a substantial overall deficit for the year.
The Philippines recorded a trade deficit of $4.77 billion in November 2024. Merchandise exports declined by 8.7 percent, outpacing the 4.9 percent decrease in imports. Data from the Philippine Statistics Authority (PSA) revealed that the trade deficit for the first 11 months of 2024 reached $49.96 billion, surpassing the $48.41 billion gap seen in the same period of 2023. November export sales totaled $5.69 billion, down 8.7 percent from $6.23 billion in the previous year.
This brought total exports from January to November to $67.55 billion, a 0.4 percent decrease from $67.83 billion in the same period of 2023. Electronics products remained the country's top export in November, generating $2.79 billion or 48.9 percent of the total. Manufactured goods contributed the most to total exports in November 2024, reaching $4.43 billion. This was followed by mineral products at $563.17 million and agro-based products at $539.32 million. Exports to the United States were the highest valued at $969.09 million, followed by Japan at $916.12 million and China at $786.35 million. Conversely, imports amounted to $10.46 billion in November, down 4.9 percent from the $11 billion recorded a year earlier. Merchandise imports for the 11-month period totaled $117.51 billion, a 1.1 percent increase from $116.25 billion in the same period of 2023
TRADE DEFICIT PHILIPPINES EXPORTS IMPORTS ECONOMY
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