Despite a slight narrowing of the trade deficit, the country’s exports and imports slumped to five-month lows in November due to storms and a weakening global economy.
The country's trade balance, or the difference between the value of exports and imports, amounted to a deficit of $4.77 billion in November, a 0.04 percent decrease compared to $4.77 billion in the same period in 2023.
Both exports and imports recorded annual declines during the month.
Michael Ricafort, Rizal Commercial Banking Corp. (RCBC) chief economist, said that exports and imports fell due to disruptions caused by a series of storms and typhoons in the latter part of the year, coupled with a global economic slowdown.
Ricafort added that the decline in exports and imports was also influenced by factors such as the weaker peso exchange rate, which made imports more expensive, and softer global trade conditions, particularly in China, a major trading partner of the Philippines.
“Exports remained relatively softer due to mostly weaker economic data recently in China, which is the world’s second-largest economy and among the biggest trading partners of the Philippines,” Ricafort said.
The country's total export sales in November reached $5.69 billion, down 8.7 percent from $6.23 billion in the previous year.
The November downward trend followed annual declines of five percent in October 2024 and 13 percent in November 2023.
Electronic products remained the country's top export, accounting for 48.9 percent of total exports, despite experiencing the most significant annual decline in value among commodity groups.
Other key exports included other manufactured goods and machinery and transport equipment.
The United States remained the top destination for Philippine exports, followed by Japan, China, Hong Kong, and Singapore. The majority of exports were destined for Asia-Pacific Economic Cooperation (APEC) countries.
The Philippines' total imports, meanwhile, amounted to $10.46 billion in November, a 4.9 percent decrease from $11 billion in the same period last year.
This decline followed an 11.3 percent annual increase in October 2024 and a 1.7 percent increase in November 2023.
Electronic products also topped the list of imported goods, followed by mineral fuels, lubricants, and related materials, and transport equipment.
China remained the largest source of imports, followed by Indonesia, Japan, South Korea, and the United States.
Similar to exports, the majority of imports came from APEC member countries.
The country's total external trade in goods reached $16.15 billion, a 6.3 percent decrease from November 2023.
Imported goods accounted for 64.8 percent of total external trade, while exported goods made up the remaining 35.2 percent.
The PSA noted that the year-to-date total value of exports from January to November declined by 0.4 percent compared to the same period in 2023.
In contrast, the year-to-date total import value for the same period increased by 1.1 percent.
The Development Budget Coordination Committee (DBCC) projected a five percent growth in exports and a two percent growth in imports for 2024.