Trade gap widens to $54.2 billion in 2024

As imports pick up while exports continue to drop

MANILA, Philippines — The country’s trade shortfall widened to $54.21 billion in 2024, the highest trade gap in two years or since the December 2022 deficit of $57.65 billion, as imports increased while exports continued to deteriorate, according to the Philippine Statistics Authority.  

Based on the latest PSA data, the country’s trade balance – the difference between the value of exports and imports – expanded by more than three percent to a deficit of  $54.21 billion in 2024 from a $52.6-billion shortfall in 2023.

The value of the country’s exports dipped to $73.21 billion in 2024 from $73.62 billion in 2023, while imports  rose by one percent to $127.43 billion from $126.21 billion. 

For December alone, the country posted a smaller trade deficit of $4.14 billion compared to a year ago’s $4.18 billion as both exports and imports declined.

The December 2024 trade deficit was also smaller than the previous month’s $4.85 billion shortfall.

Philippine merchandise exports declined by two percent to $5.66 billion in December last year from $5.78 billion in the same month in 2023.

Electronic products remained the country’s top exports, with a 49.6-percent share of the total in December last year.

The value of the country’s electronic product exports, however, dropped by 17 percent to $2.80 billion in December last year from $3.38 billion in the same month in 2023. 

The United States remained the Philippines’ biggest export market as it accounted for the highest export value at $947.77 million or 16.8 percent of the total exports in December last year. 

Goods imported by the Philippines dipped by 1.7 percent to $9.79 billion in December last year from $9.96 billion in the same month in 2023. 

Electronic products posted the highest imports value during the month, amounting to $2.11 billion or 21.6 percent of the country’s total imports. 

China remained the top source of the Philippines’ imports, accounting for $2.62 billion or 26.7 percent of the total imports in December last year. 

Total external trade in goods in December last year amounted to $15.45 billion, down by 1.9 percent from $15.75 billion in the same period in 2023.