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MANILA-PORT

Benise Balaoing

ABS-CBN News

<p>MANILA -- The country&#x27;s external trade shrank in November with both exports and imports falling, the Philippine Statistics Authority said on Thursday.</p><p>The PSA said the country&#x27;s total external trade reached $16.15 billion, 6.3 percent lower than the $17.23 billion seen in the same period in 2023.</p><p>Of the total external trade, 64.8 percent were imported goods, while the remaining 35.2 percent were exported goods, the PSA said.</p><p>Exports fell by 8.7 percent to $5.69 billion in November 2024, from the $6.23 billion in November 2023.</p><p>Electronic products remained as the Philippines&#x27; top export--earnings from this reached $2.79 billion or 48.9 percent of the country’s total exports during the period. </p><p>This was followed by other manufactured goods, which earned $420 million, and machinery and transport equipment, which earned $245.61 million.</p><p>The United States was still the Philippines&#x27; 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).</p><p>Meanwhile, imports also fell by 4.9 percent to $10.46 billion in November, from $11 billion in the same month in 2023.</p><p>Electronics was also the Philippines&#x27; top import, making up 23.5 percent of the country&#x27;s total imports at $2.46 billion.</p><p>Other top imports were mineral fuels, lubricants, and related materials ($1.31 billion) and transport equipment ($819.93 million).</p><p>China was the country&#x27;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).</p><p>The country&#x27;s trade deficit also narrowed by 0.04 percent to $4.77 billion in November.</p><div><a href="https://www.abs-cbn.com/business/2024/8/6/ph-global-trade-shrinks-trade-deficit-widens-as-exports-fall-1113" rel="noopener noreferrer" target="_blank">PH global trade shrinks; trade deficit widens as exports fall</a></div><div><strong>RELATED STORY:</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/M37IpKr8vRk?&amp;ab_channel=ABS-CBNNewsautoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

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

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

Exports, imports fall in November as external trade shrinks | ABS-CBN

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Exports, imports fall in November as external trade shrinks

Exports, imports fall in November as external trade shrinks

Benise Balaoing,

ABS-CBN News

Published Jan 09, 2025 05:10 PM PHT

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