Philippines Balance Commerciale

The trade deficit in the Philippines widened to USD 4.9 billion in July 2024 from USD 4.1 billion in the corresponding month of the prior year. It was the largest trade gap since March 2023, amid a surge in imports. Purchases grew 7.2% yoy to USD 11.1 billion, mainly due to higher purchases of electronic products (11.8%), transport equipment (2.2%), and industrial machinery (19.2%). The biggest share of purchases came from China (27.7%), followed by Indonesia (8.5%) and Japan (8.0%). Meanwhile, exports edged up 0.1% yoy to USD 6.2 billion, mainly boosted by shipments of other manufactured goods (33.3%), other mineral products (18.2%), machinery and transport equipment (29.1%), and ignition wiring set and other wiring sets used in vehicles, aircraft, and ships (4.2%). Among main trading partners, the largest share in exports was accounted to the USA (16.9%), followed by Japan (14.0%) and China (12.7%). For the first eight months of 2024, the country posted a gap of USD 29.9 billion.