Philippine Goods Exports Increase by 3% in First Half of 2024

MANILA — The Philippines’ merchandise exports saw a modest growth of 3% in the first six months of 2024, compared to the same period in the previous year, reflecting a complex economic landscape.

According to Philippines News Agency, export revenues from January to June 2024 climbed to USD 36.41 billion from USD 35.34 billion recorded during the same period in 2023. The balance of trade also showed an improvement as the deficit narrowed to USD 25 billion, down from USD 27.63 billion in the first half of 2023. However, the positive trend in the overall half-year performance contrasts with a downturn in June, where the trade deficit widened by 9.3%, totaling USD 4.3 billion compared to USD 3.94 billion the previous year.

This increase in deficit for June was attributed to a significant 17.3% drop in goods exports, while imports decreased by a slower 7.5%. Specifically, June saw goods exports fall to USD 5.57 billion from USD 6.73 billion in June 2023. The PSA identified five major commodity groups that saw substantial declines in export revenues, with electronic goods—typically the country’s largest export—down by USD 965.14 million, leading to a total of USD 2.99 billion in exports for this category, which represented 53.7% of total merchandise exports for the month.

Other significant declines were noted in exports of cathodes and sections of refined copper, other manufactured goods, machinery and transport equipment, and other mineral products. The top export destinations for June were the United States, Hong Kong, China, Japan, and South Korea.

On the import side, June 2024 witnessed a decrease in total imports to USD 9.87 billion from USD 10.67 billion a year earlier. The highest import values were recorded in electronic products, mineral fuels, lubricants, and related materials, and transport equipment. Indonesia, Japan, South Korea, and the United States were the top import trading partners for the month.