Trade deficit shows slight downtrend in Nov.

The Philippine Statistics Authority (PSA) reported a slight decline in the country’s trade deficit for November 2024. 

The balance of trade in goods, which measures the gap between exports and imports, posted a deficit of USD4.767 billion, marginally lower than the USD4.769 billion recorded in November 2023.

Export sales for November reached USD5.69 billion, reflecting an 8.7 percent drop compared to the USD6.23 billion recorded during the same period in the previous year. 

The PSA attributed the decrease primarily to declines in the value of electronic products and cathodes of refined copper.

Electronic products remained the country’s top export, generating USD2.79 billion and accounting for 48.9 percent of total exports. Other key export commodities included other manufactured goods at USD420 million and machinery and transport equipment at USD245.61 million.

The United States emerged as the Philippines’ largest export market in November, with shipments valued at USD969.09 million. Other significant trading partners included Japan, the People’s Republic of China, Hong Kong, and Singapore.

On the import side, November saw a 4.9 percent decline, with total imports valued at USD10.46 billion compared to USD11 billion in November 2023. 

The most significant drop was observed in mineral fuels, lubricants, and related materials, which fell by USD421.88 million. Transport equipment and miscellaneous manufactured articles also recorded declines of USD352.70 million and USD68.87 million, respectively.

Electronic products accounted for the highest import value at USD2.46 billion. China remained the Philippines’ largest supplier of imported goods, providing USD2.82 billion worth of imports, or 27 percent of the total. Other key import sources included Indonesia, Japan, South Korea, and the United States.