Philippine trade deficit narrows to $4.2 billion in January
The country’s trade deficit plunged to $4.22 billion in the first month of 2024 after having a contraction in the value of imports, the Philippine Statistics Authority said on Tuesday, March 12.
The trade deficit narrowed by 24 percent from the $5.55 billion booked in the same month last year. However, it is also higher compared to the $4.17 billion recorded in December of last year.
Total external trade during the month slightly declined to $16.09 billion, or by 2.1 percent from the $16.44 billion recorded a year earlier.
Negative growth was particularly noted in imports which posted a value of $10.16 billion, dropping by 7.6 percent compared to the $11 billion a year ago.
The decline was recorded in the import of mineral fuels, lubricants, and related materials from $2.070 billion a year ago to $1.337 billion in January; followed by electronic products from $2.445 billion to $2.191 billion; metalliferous ores and metal scrap from $303.87 million to $200 million.
Transport equipment also declined to $826.58 million from $894.76 million while dairy products were down to $91.91 million from $142.88 million.
On the other hand, export value registered an increase by 9.1 percent in January to $5.94 billion from $5.44 billion in the same month last year.
Electronic products posted the highest increase in the value of exports from $2.968 billion in the same period last year to $3.452 billion. This was followed by machinery and transport equipment from $186.20 million to $223.96 million; and coconut oil from $108.92 million to $115.33 million.
Gold also rose from $91.50 million to $115.33 million, while copper concentrates went up from $85.77 million to $107.33 million.
Among top trading partners of imports, the People’s Republic of China came first trading 26.1 percent of total imports or $2.65 billion during the month.
Japan followed it at 7.8 percent or $789.36 million and Indonesia at 7.7 percent or $779.13 million; Republic of Korea Korea and the United States of America came in 4th and 5th respectively.
For the largest suppliers of exported goods, the USA topped the list consuming 15.2 percent of the country’s total exports or $902.33 million.
It was followed by Japan at 14.6 percent or $869.25 million; Hong Kong at 12.8 percent or $761.08 million; the People’s Republic of China at 10.5 percent or $624.79 million; and the Republic of Korea at 6.0 percent or $356.16 million.