While imports picked up from its August decline, exports and factory output continued declining to a two-month low mainly due to seasonal demand shifts, the Philippine Statistics Authority (PSA) reported Wednesday, Nov. 6.
Total exports in September 2024 were valued at $5.96 billion, showing an 8.9 percent decline from $6.54 billion in August 2024, which also dropped from July’s record.
Similarly, manufactured goods exports totaled $4.81 billion, marking a 7.9 percent monthly decrease from $5.22 billion in August 2024.
Meanwhile, agri-based products exports rose by 5.7 percent to $500.77 million, up from $473.87 million in August, while mineral products saw a 4.1 percent increase to $590.25 million from $567.02 million in August 2024.
Seasonal factors, including varying demand for key goods, boosted the total value of exports as well as the export values of mineral products and manufactured goods, while reducing the export values of agro-based products, the PSA stated.
On the other hand, total imports in September reached $11.12 billion, marking a three percent increase from $10.80 billion in August 2024.
In September, seasonally adjusted imports saw monthly increases in key goods including raw materials and intermediate goods (5.9) percent to $4.17 billion, capital goods (2.2 percent) to $3.02 billion, and consumer goods (14.8 percent) to $2.44 billion.
In a related report, factory output decreased across the board, except for food manufacturing, which saw improvements, largely due to a recovery in food sector demand after August’s declines.
According to the PSA’s Monthly Integrated Survey of Selected Industries (MISSI), the country's Volume of Production Index (VoPI) rate further decreased to 3.6 percent in September. In August, a 0.9-percent month-on-month decrement was observed.
On the other hand, the seasonally adjusted VoPI for food production rose by 1.3-percent in September 2024, after a 7.6-percent decline in August 2024.
Likewise, the seasonally adjusted Value of Production Index (VaPI) for total manufacturing dropped by 4.4 percent, a deeper decline compared to the one-percent decrease in August 2024.
In contrast, the seasonally adjusted VaPI for food production increased by 3.2 percent in, reversing the 7.5 percent decline seen in August.
Additionally, the seasonally adjusted Value of Net Sales Index (VaNSI) for total manufacturing fell by 4.9 percent, following a two-percent increase in August.
Similarly, the VaNSI for food manufacturing dropped 2.7 percent, reversing a 0.6 percent growth in August.(Derco Rosal)