October 11, 2024 | 12:00am
MANILA, Philippines — The country registered a bigger trade deficit in August from a year ago as imports grew faster than exports.
Preliminary data from the Philippine Statistics Authority showed that the balance of trade in goods or the difference between the value of exports and imports amounted to a $4.38 billion deficit in August, 6.6 percent higher than the $4.11 billion gap in the same month in 2023.
The August trade shortfall, however, is smaller than the $4.88 billion deficit in July.
From January to August, the country’s trade deficit amounted to $34.30 billion, lower than the $35.86 billion recorded in the same period last year.
PSA data showed that the country’s merchandise exports rose slightly to $6.75 billion in August from $6.73 billion in the same month a year ago.
Electronic products continued to be the country’s top exports through its 52.9 percent share in total outbound shipments in August.
The country’s electronic exports in August were valued at $3.57 billion, down by 8.2 percent from $3.89 billion in the same month last year.
In terms of export markets, the US had the highest share amounting to $1.22 billion or 18.1 percent of the Philippines’ total exports in August.
In the January to August period, Philippine merchandise exports went up by 2.3 percent to $49.41 billion from $48.31 billion in the same period in 2023.
Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. told reporters yesterday that it remains difficult to hit the $140 billion exports target for this year under the Philippine Export Development Plan.
“To get to the $140 billion original target, it may take two, three years before it can happen,” he said.
However, he said that hitting the $107 billion exports goal under the Philippine Development Plan (PDP) is doable.
Department of Trade and Industry Export Marketing Bureau director Bianca Sykimte said earlier this week, the government is still confident the PDP export target for this year can be achieved.
Products imported by the Philippines grew by 2.7 percent to $11.12 billion in August from $10.83 billion in the same month of the previous year.
By commodity group, electronic products registered the highest import value amounting to $2.44 billion in August, up by nine percent from the $2.24 billion in the same month a year ago.
China remained the largest source of Philippine imported goods valued at $2.79 billion or 25.1 percent of the country’s total imports in August.
Philippine imports from the January to August period dipped slightly to $83.70 billion from $84.17 billion in the same period last year.
Total external trade in goods of the country grew by 1.8 percent to $17.87 billion in August from $17.56 billion in the same month last year.
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