MANILA – The Philippines’ merchandise exports grew by 3% in the first half of 2024 compared to the same period last year, according to data released by the Philippine Statistics Authority (PSA) on Tuesday.
Merchandise export revenues from January to June 2024 reached USD 36.41 billion, up from USD 35.34 billion during the first half of 2023. The country’s balance of trade in goods also improved, with the trade deficit narrowing to USD 25 billion from USD 27.63 billion in the same period last year.
However, the country’s trade performance for June showed a deterioration, with the trade deficit widening by 9.3% to USD 4.3 billion from USD 3.94 billion in June 2023. This was due to a 17.3% decline in exports, while imports fell at a slower rate of 7.5%.
In June 2024, Philippine goods exports amounted to USD 5.57 billion, a decrease from USD 6.73 billion in June 2023. The PSA noted that five commodity groups contributed significantly to the sharp decline in export revenues.
The largest export category, electronic goods, saw a decline of USD 965.14 million compared to June 2023, accounting for 53.7% of total exports. Other notable contributors to the drop in export revenues included cathodes and sections of cathodes of refined copper, which fell by USD 97.13 million, followed by other manufactured goods (down by USD 59.99 million), machinery and transport equipment (down by USD 53.15 million), and other mineral products (down by USD 49.52 million).
The top destinations for Philippine exports in June were the United States, valued at USD 897.9 million; Hong Kong, USD 886.64 million; China, USD 868.44 million; Japan, USD 746.97 million; and South Korea, USD 240.26 million.
In terms of imports, the Philippines brought in USD 9.87 billion worth of goods in June 2024, a decrease from USD 10.67 billion in June 2023. The largest category of imports was electronic products, amounting to USD 2.23 billion, making up 22.6% of total imports. This was followed by mineral fuels, lubricants, and related materials at USD 1.57 billion, and transport equipment at USD 787.92 million.
The top import sources for the Philippines in June included Indonesia (USD 861.69 million), Japan (USD 763.2 million), South Korea (USD 715.14 million), and the United States (USD 658 million).
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