The Philippines’ trade deficit in October widened significantly to USD5.8 billion, as imports continued to outpace exports.
The trade deficit stood at USD4.24 billion in October last year and USD5.1 billion in September.
Data from the Philippine Statistics Authority showed export sales in October was down 5.5 percent to USD6.16 billion compared with USD6.52 billion in October 2023. The decline in export value was largely driven by a reduction in the sale of electronic products, which fell by USD868.86 million. Other significant declines were seen in the exports of refined copper and other mineral products.
The electronics sector remains the Philippines’ top export commodity, accounting for 47 percent of the total export in October at USD2.87 billion. Other manufactured goods and mineral products followed, but neither sector was able to offset the broader downturn in export performance.
Imports, on the other hand, accounted for 66 percent of the total trade, totaling USD11.97 billion in October. The increasing demand for imported goods, coupled with a persistent drop in exports, contributed to the widening trade gap.
Despite the overall decline in exports, the year-to-date export value from January to October 2024 reached USD61.83 billion, a slight increase of 0.4 percent compared to the same period last year. This underscores ongoing challenges in the global demand for Philippine goods, especially in the electronics sector.
