PH External Trade and Balance of Trade Report for July 2024

In July 2024, the country’s external trade in goods increased by 4.5%, reaching USD 17.37 billion, up from USD 16.62 billion in July 2023. This growth follows declines in June 2024 and July 2023. Imports made up 64% of total trade, while exports were 36%.

The trade deficit expanded to USD 4.87 billion in July 2024, marking an 18% rise from the previous year. This follows a 9.8% increase in June 2024 and a 31% decrease in July 2023.

Export sales for July 2024 totaled USD 6.249 billion, a slight 0.1% increase compared to the previous year. Significant gains were observed in copper concentrates, other manufactured goods, and coconut oil. From January to July 2024, total exports grew by 2.6% to USD 42.66 billion.

Electronic products led the export sector with USD 3.25 billion, making up 52.1% of total exports. Manufactured goods followed with USD 4.98 billion, contributing 79.6% of the total. The United States was the top destination for exports, receiving USD 1.06 billion, or 16.9% of total exports. APEC countries received the bulk of exports, totaling USD 5.14 billion.

Imports for July 2024 increased by 7.2% to USD 11.12 billion, with the largest growth in electronic products, iron and steel, and industrial machinery. Year-to-date imports decreased by 1.0% to USD 72.57 billion. China remained the largest supplier of imports with USD 3.08 billion.

APEC countries were the primary sources of imports, totaling USD 9.52 billion, with East Asia leading at USD 5.36 billion. (ASC)