MANILA -- The country's external trade shrank in November with both exports and imports falling, the Philippine Statistics Authority said on Thursday.

The PSA said the country's total external trade reached $16.15 billion, 6.3 percent lower than the $17.23 billion seen in the same period in 2023.

Of the total external trade, 64.8 percent were imported goods, while the remaining 35.2 percent were exported goods, the PSA said.

Exports fell by 8.7 percent to $5.69 billion in November 2024, from the $6.23 billion in November 2023.

Electronic products remained as the Philippines' top export--earnings from this reached $2.79 billion or 48.9 percent of the country’s total exports during the period. 

This was followed by other manufactured goods, which earned $420 million, and machinery and transport equipment, which earned $245.61 million.

The United States was still the Philippines' top export market, ($969.09 million), followed by Japan ($916.12 million), China, ($786.35 million), Hong Kong ($600.24 million), and Singapore ($288.11 million).

Meanwhile, imports also fell by 4.9 percent to $10.46 billion in November, from $11 billion in the same month in 2023.

Electronics was also the Philippines' top import, making up 23.5 percent of the country's total imports at $2.46 billion.

Other top imports were mineral fuels, lubricants, and related materials ($1.31 billion) and transport equipment ($819.93 million).

China was the country's biggest source of imports ($2.82 billion), followed by Indonesia ($877.77 million), Japan ($827.75 million), South Korea ($774.55 million), and US ($621.3 million).

The country's trade deficit also narrowed by 0.04 percent to $4.77 billion in November.

PH global trade shrinks; trade deficit widens as exports fall

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