Philippine trade deficit shrinks as external trade grows | ABS-CBN
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Philippine trade deficit shrinks as external trade grows
Philippine trade deficit shrinks as external trade grows
Arthur Fuentes,
ABS-CBN News
Published Apr 11, 2024 01:21 PM PHT
|
Updated Jul 30, 2024 02:15 PM PHT
MANILA - The Philippines posted a narrower trade deficit in February even as the country's total external trade expanded, the Philippine Statistics Authority said on Thursday.
MANILA - The Philippines posted a narrower trade deficit in February even as the country's total external trade expanded, the Philippine Statistics Authority said on Thursday.
In February 2024, external trade in goods amounted to $15.46 billion, up 9.7 percent from the $14.09 billion in the same month last year.
In February 2024, external trade in goods amounted to $15.46 billion, up 9.7 percent from the $14.09 billion in the same month last year.
The trade deficit, or the difference between the value of exports and imports meanwhile amounted to $3.65 billion, down 6 percent from February last year.
The trade deficit, or the difference between the value of exports and imports meanwhile amounted to $3.65 billion, down 6 percent from February last year.
The PSA noted that the country exported $5.91 billion during the month, or an annual increase of 15.7 percent from the $5.1 billion exports in February 2023.
The PSA noted that the country exported $5.91 billion during the month, or an annual increase of 15.7 percent from the $5.1 billion exports in February 2023.
Imports meanwhile hit $9.55 billion, or an annual increase of 6.3 percent from the $8.98 billion in the same month of the previous year.
Imports meanwhile hit $9.55 billion, or an annual increase of 6.3 percent from the $8.98 billion in the same month of the previous year.
EXPORTS TO US, IMPORTS FROM CHINA
EXPORTS TO US, IMPORTS FROM CHINA
The United States was the Philippines' largest export market with shipments amounting to $947.83 million or 16 percent to the country’s total exports in February.
The United States was the Philippines' largest export market with shipments amounting to $947.83 million or 16 percent to the country’s total exports in February.
Other major export markets were:
Other major export markets were:
- Japan, $849.17 million (14.4 percent)
- Hong Kong, $774.03 million (13.1 percent)
- China, $695.25 million (11.8 percent)
- Thailand, $282.01 million (4.8 percent)
- Japan, $849.17 million (14.4 percent)
- Hong Kong, $774.03 million (13.1 percent)
- China, $695.25 million (11.8 percent)
- Thailand, $282.01 million (4.8 percent)
China was the biggest source of imports for the Philippines, accounting for $2.18 billion or 22.8 percent of the country’s total imports in February 2024.
China was the biggest source of imports for the Philippines, accounting for $2.18 billion or 22.8 percent of the country’s total imports in February 2024.
Other major sources of imports were:
Other major sources of imports were:
- Japan, $845.23 million (8.8 percent)
- Republic of Korea, $719.90 million (7.5 percent)
- Indonesia, $664.57 million (7.0 percent)
- Thailand, $660.86 million (6.9 percent)
- Japan, $845.23 million (8.8 percent)
- Republic of Korea, $719.90 million (7.5 percent)
- Indonesia, $664.57 million (7.0 percent)
- Thailand, $660.86 million (6.9 percent)
ELECTRONICS IS KING
ELECTRONICS IS KING
Electronic products continued to be the country’s top exports in February 2024 with total earnings of $3.42 billion or 57.9 percent of the country’s total exports during the period.
Electronic products continued to be the country’s top exports in February 2024 with total earnings of $3.42 billion or 57.9 percent of the country’s total exports during the period.
Electronics were also the Philippines’ top import at $1.92 billion or a share of 20.1 percent to the country’s total imports.
Electronics were also the Philippines’ top import at $1.92 billion or a share of 20.1 percent to the country’s total imports.
This was followed by mineral fuels, lubricants and related materials at $1.72 billion (18.0 percent), and transport equipment at $809.73 million (8.5 percent).
This was followed by mineral fuels, lubricants and related materials at $1.72 billion (18.0 percent), and transport equipment at $809.73 million (8.5 percent).
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