The Philippines recorded a larger merchandise trade deficit in 2024 compared to the previous year, driven by an increase in imports and a decline in exports. Electronic products remained the top export and import, while China was the largest trading partner for both imports and exports.
The Philippines recorded a merchandise trade deficit of $54.22 billion in 2024, a larger gap compared to the $52.59 billion deficit in 2023. This widening deficit was driven by an increase in imports and a decline in exports. According to data from the Philippine Statistics Authority (PSA), total exports amounted to $73.21 billion in 2024, down from $73.62 billion in 2023. Meanwhile, imports saw a modest rise to $127.43 billion from $126.21 billion.The trade gap narrowed to $4.
14 billion in December 2024, compared to $4.18 billion in December 2023 and $4.85 billion in November 2024. Total trade in goods reached $15.45 billion in December, down from $15.75 billion in December 2023 and $16.25 billion in November 2024. Exports for December stood at $5.66 billion, lower than November's $5.7 billion and December 2023's $5.78 billion. Imports also declined to $9.8 billion from $10.55 billion in November and $9.96 billion in December 2023.Imports accounted for 63.4 percent of total external trade in December. Electronics remained the Philippines' top export, contributing $2.80 billion or 49.6 percent of total exports. Manufactured goods and coconut oil followed with $355.36 million and $283.56 million respectively. The United States was the biggest buyer of Philippine goods in December, purchasing $947.77 million or 16.8 percent of total exports. Other major buyers included Japan, China, Hong Kong, and Singapore. The Philippines' biggest import in December was electronic products, valued at $2.11 billion or 21.6 percent of the total. Mineral fuels, lubricants, and related materials came in second at $1.37 billion (14.0 percent), followed by transport equipment at $956.16 million (9.8 percent). China was the main supplier, providing $2.62 billion worth of goods or 26.7 percent of total imports. Other significant suppliers included Japan, South Korea, Indonesia, and the United States.Economists have commented on the recent trade data. Miguel Chanco, economist at Pantheon Macroeconomics, noted that the narrowing trade deficit is a positive development, largely attributed to corrections in imports. However, he pointed out that exports haven't significantly contributed to closing the gap. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the declines in exports and imports to China's weak economy and warned that protectionist policies from the US could further pressure merchandise trade.
TRADE DEFICIT PHILIPPINES EXPORTS IMPORTS ELECTRONICS CHINA
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