Philippines Balance Commerciale

The trade deficit in the Philippines widened to USD 5.1 billion in September 2024 from USD 3.5 billion in the corresponding month of the previous year. This marked the largest trade deficit since August 2022, as exports fell while imports rose. Year-on-year, exports fell 7.6% to USD 6.3 billion in September, mainly attributed to lower sales of electronic products (-23.1%), copper concentrates (-37.8%), and cathodes and sections of cathodes, of refined copper (-14.4%). Among main trading partners, the largest share in exports was accounted to the USA (17.3%), Hong Kong (13.9%) and Japan (13.5%). Meanwhile, imports rose 9.9% from a year earlier to USD 11.3 billion, primarily due to higher purchases of metalliferous ores and metal scrap (107%), electronic products (8.9%), and other food and live animals (34%). The biggest share of purchases came from China (25%), followed by Indonesia (9.6%) and Japan (7.4%). For the first nine months of 2024, the country posted a gap of USD 39.4 billion.