Philippines Balance Commerciale

The Philippines' trade deficit slightly narrowed to USD 4.1 billion in December 2024, down from USD 4.2 billion in the same month last year. Exports declined by 2.2% year-on-year to USD 5.7 billion, driven by lower sales of electronic products (-17.1%), particularly components, devices, and semiconductors (-30.1%). The US accounted for the largest share of exports (16.6%), followed by Japan (14.1%) and China (12.9%). Meanwhile, imports fell by a milder 1.7% to USD 9.8 billion, mainly due to reduced purchases of transport equipment (-24.2%) and mineral fuels, lubricants, and related materials (-3.5%). China remained the top source of imports (25.8%), followed by Japan (7.9%) and South Korea (7.6%). For the full year, the trade deficit widened to USD 54.2 billion from USD 52.6 billion in the previous year, as exports dropped by 0.5% while imports rose by 1%.