Philippines Balance Commerciale

The trade deficit in the Philippines increased to USD 5.8 billion in October 2024 from USD 4.2 billion in the corresponding month of the previous year. This marked the largest trade deficit since August 2022, as exports fell 5.5% year-on-year to USD 6.2 billion, dragged down by lower sales of electronic products (-23.2%), cathodes and sections of cathodes, of refined copper (-14%), and other mineral products (-6.4%). Among main trading partners, the largest share in exports was accounted to the USA (16.2% of total exports), followed by Japan (15.3%) and China (13.9%). In contrast, imports climbed 11.2% from a year earlier to USD 12 billion, mainly due to higher purchases of electronic products (21%), transport equipment (37.4%), and cereals and cereal preparations (97.9%). The biggest share of purchases came from China (25.6% of total imports), followed by Indonesia (8.5%) and South Korea (8.3%). For the first ten months of 2024, the country posted a gap of USD 45.2 billion.