MANILA, Philippines — The Philippines recorded a $5.09-billion trade gap in September, the largest in 20 months, as exports declined while imports went up.
Preliminary data from the Philippine Statistics Authority (PSA) showed the balance of trade in goods, or the difference between exports and imports, amounted to a $5.09-billion deficit in September, 43.4 percent higher than the $3.55 billion shortfall in the same month last year.
The latest trade deficit figure is the biggest since the $5.56 billion trade gap posted in January last year.
The September trade shortfall is also higher than the previous month’s $4.39-billion deficit.
For the January to September period, the country’s trade deficit reached $39.401 billion, lower than the $39.404 billion in the same period in 2023.
Philippine merchandise exports dropped by 7.6 percent to $6.26 billion in September from $6.77 billion in the same month a year ago.
By commodity group, electronic products remained the country’s top exports, accounting for 50.3 percent of the total in September.
Philippine electronic exports in September were valued at $3.15 billion, 23.1 percent lower than the $4.09 billion in the same month in 2023.
The US continued to be the top destination for Philippine exports in September, with a 17.3-percent share amounting to $1.08 billion.
As of end-September, Philippine merchandise exports went up slightly to $55.67 billion from $55.08 billion in the same period last year.
The country’s imports, on the other hand, climbed by 9.9 percent to $11.34 billion in September this year from $10.32 billion in the same month a year ago.
Electronic products had the highest import value, amounting to $2.4 billion in September, up by 8.9 percent from $2.21 billion in the same month in 2023.