A.    TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1.    Total external trade decreased

In the first semester of 2024, the country’s total external trade in goods amounted to USD 97.86 billion, which indicates an annual decline of 0.4 percent from the USD 98.30 billion total external trade in the same period of the previous year. In the second semester of 2023 and first semester of 2023, the total external trade in goods registered annual decreases of 7.3 percent and 8.4 percent, respectively. (Figure 1, and Tables A and 1)

Of the total external trade in the first semester of 2024, 62.8 percent were imported goods, while the remaining 37.2 percent were exported goods.

2.    Trade deficit posted an annual decrease

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in the first semester of 2024 amounted to USD -25.05 billion, indicating a trade deficit with an annual decline of 9.3 percent. In the second semester of 2023 and first semester of 2023, the trade deficit recorded annual decrements of 11.4 percent and 6.3 percent, respectively. (Figure 1, and Tables A  and 4)

B.    EXPORTS

1.    Sales from export posted a positive growth

The country’s total export sales in the first semester of 2024 amounted to USD 36.41 billion, indicating an annual increase of 3.0 percent from the USD 35.34 billion total export sales in the same semester of the previous year. In the second semester of 2023 and first semester of 2023, the total export sales registered annual decreases of 5.9 percent and 9.2 percent, respectively. (Figure 1, and Tables A and 3)

The commodity group with the highest annual increment in the value of exports in the first semester of 2024 was electronic products with USD 1.02 billion. This was followed by coconut oil with an annual increase of USD 308.18 million; and chemicals with an annual increment of USD 182.00 million. (Tables B and 5)

2.    Electronic products commodity group remained the highest on export sales

By commodity group, electronic products continued to be the country’s top exports in the first semester of 2024 with total earnings of USD 20.63 billion or 56.7 percent of the country’s total exports during the period. This was followed by other manufactured goods with an export value of USD 1.87 billion (5.1%), and other mineral products with USD 1.43 billion (3.9%). (Figure 2 and Table 5)

3.    Manufactured goods still comprised the largest portion of total exports among major types of goods

By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in the first semester of 2024, amounting to USD 29.42 billion or a share of 80.8 percent. This was followed by mineral products with a share of USD 3.39 billion (9.3%), and total agro-based products, which contributed USD 2.73 billion (7.5%). (Figure 3 and Table 8)

4.    United States of America (USA) contributed the highest to the total export value

By major trading partner, exports to USA comprised the highest export value amounting to USD 5.82 billion or a share of 16.0 percent to the country’s total exports in the first semester of 2024.

Completing the top five major export trading partners for this semester with their export values and percent shares to the total exports were:

a.    Hong Kong, USD 5.24 billion (14.4%);
b.    Japan, USD 5.05 billion (13.9%);
c.    People’s Republic of China, USD 4.60 billion (12.6%); and
d.    Republic of Korea, USD 1.85 billion (5.1%). (Figure 4 and Table 7)

5.    Netherlands topped total exports among European Union (EU) member countries

Exports to EU reached USD 4.10 billion or 11.2 percent of the total export sales in the first semester of 2024. Revenue from exports to Netherlands had the highest share of USD 1.48 billion or 36.1 percent of the total exports to EU member countries. (Figure 5 and Table 12)

The top five exported goods to EU member countries with their export revenues and percent shares to the total EU exports during the semester were:

a.    electronic products, USD 2.73 billion (66.7%);
b.    coconut oil, USD 367.11 million (9.0%);
c.    other manufactured goods, USD 152.52 million (3.7%);
d.    tuna, USD 139.28 million (3.4%); and
e.    machinery and transport equipment, USD 111.25 million (2.7%). (Table 13)

6.    Thailand led the Association of Southeast Asian Nations (ASEAN) member countries in terms of total exports

The total exports to ASEAN member countries reached USD 5.29 billion or 14.5 percent of the country’s total export revenue during the first semester of 2024. Exports to Thailand accounted for the highest share of USD 1.46 billion or 27.6 percent of the total exports to ASEAN member countries. (Figure 6 and Table 12)

The leading export commodities to ASEAN member countries and their corresponding export values and percent shares to the total ASEAN exports during the semester were:

a.    electronic products, USD 3.25 billion (61.5%);
b.    cathodes and sections of cathodes, of refined copper, USD 389.45 million (7.4%);
c.    other manufactured goods, USD 318.35 million (6.0%);
d.    machinery and transport equipment, USD 224.28 million (4.2%); and
e.    coconut oil, USD 158.96 million (3.0%). (Table 13)

7.    USA topped among Asia Pacific Economic Cooperation (APEC) member countries

Exports to APEC member countries amounted to USD 30.33 billion or 83.3 percent of the total exports in the first semester of 2024. Exports to USA was recorded as the highest at USD 5.82 billion or 19.2 percent of the country’s total exports to APEC member countries. (Figure 7 and Table 15)

The top five exported goods to APEC member countries and their corresponding export sales and percent shares to the total APEC exports during the semester were:

a.    electronic products, USD 17.26 billion (56.9%);
b.    other manufactured goods, USD 1.55 billion (5.1%);
c.    other mineral products, USD 1.38 billion (4.5%);
d.    ignition wiring sets and other wiring sets used in vehicles, USD 1.16 billion (3.8%); and
e.    machinery and transport equipment, USD 1.03 billion (3.4%).  (Table 16)

8.    East Asia contributed the highest export value by geographic region

By geographic region, East Asia comprised the highest export value in the first semester of 2024, amounting to USD 18.23 billion (50.1%). This was followed by Northern America with an export value of USD 6.06 billion (16.6%), and Southeast Asia with USD 5.29 billion (14.5%) worth of exports. (Figure 8 and Table 18)

C.    IMPORTS

1.    Import value decreased

The total imported goods in the first semester of 2024 amounted to USD 61.45 billion, indicating an annual decline of 2.4 percent from the USD 62.96 billion import value in the same period of the previous year. In the second semester of 2023 and first semester of 2023, the import value recorded annual decreases of 8.1 percent and 7.9 percent, respectively. (Figure 1, and Tables A and 2)

In the first semester of 2024, the commodity group with the highest annual decrement in the value of imported goods was transport equipment with USD 880.11 million. This was followed by electronic products, which dropped by USD 688.07 million, and metalliferous ores with an annual decline of USD 546.08 million. (Tables C and 6)

2.    Electronic products recorded the highest import value among commodity groups

The commodity group with the highest import value in the first semester of 2024 was electronic products, which amounted to USD 12.71 billion or a share of 20.7 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 10.10 billion (16.4%), and transport equipment at USD 5.21 billion (8.5%). (Figure 9 and Table 6)

3.    Imports of raw materials and intermediate goods contributed the highest among major types of goods

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of the country’s total imports in the first semester of 2024 amounting to USD 22.22 billion (36.2%). This was followed by capital goods with a share of USD 17.05 billion (27.7%), and consumer goods with an import value of USD 11.83 billion (19.3%). (Figure 10 and Table 9)

4.    People’s Republic of China had the highest import value

People’s Republic of China was the country’s largest supplier of imported goods valued at USD 15.59 billion or 25.4 percent of the country’s total imports in the first semester of 2024.

Completing the top five major import trading partners for this month with their corresponding import values and percent shares to the total imports were:

a.    Indonesia, USD 4.92 billion (8.0%);
b.    Japan, USD 4.87 billion (7.9%);
c.    Republic of Korea, USD 4.57 billion (7.4%); and
d.    USA, USD 4.08 billion (6.6%). (Figure 11 and Table 7)

5.    Germany topped total imports among EU member countries

The total imports from EU member countries amounted to USD 3.57 billion or 5.8 percent of the total imports in the first semester of 2024. Among the EU member countries, import payments from Germany was the highest at USD 1.02 billion or 28.6 percent of the country’s import value from EU member countries. (Figure 12 and Table 12)

The leading imported goods from EU member countries and their corresponding import payments and percent shares to total EU imports during the semester were:

a.    electronic products, USD 711.51 million (19.9%);
b.    medicinal and pharmaceutical products, USD 439.40 million (12.3%);
c.    transport equipment, USD 341.45 million (9.6%);
d.    industrial machinery and equipment, USD 291.20 million (8.2%); and
e.    other food and live animals, USD 267.58 million (7.5%). (Table 14)

6.    Indonesia led the ASEAN member countries in terms of imports

The total imports from ASEAN member countries was registered at USD 17.61 billion or 28.6 percent of the country’s total imports in the first semester of 2024. Majority of the imports came from Indonesia, which amounted to USD 4.92 billion or 28.0 percent of the total imports from ASEAN member countries. (Figure 13 and Table 12)

The top five imported commodities from ASEAN member countries and their corresponding import values and percent shares to the total ASEAN imports in the first semester in 2024 were:

a.    mineral fuels, lubricants and related materials, USD 3.24 billion (18.4%);
b.    transport equipment, USD 2.86 billion (16.2%);
c.    electronic products, USD 2.44 billion (13.9%);
d.    cereals and cereal preparations, USD 1.31 billion (7.4%); and
e.    other food and live animals, USD 1.05 billion (6.0%). (Table 14)

7.    People’s Republic of China topped total imports from APEC member countries

Import payments from APEC member countries amounted to USD 51.92 billion or 84.5 percent of the total imports in the first semester in 2024. People’s Republic of China registered the highest import value among APEC member countries, which amounted to USD 15.59 billion or 30.0 percent of the country’s total imports from APEC member countries. (Figure 14 and Table 15)

The top five imported goods from APEC member countries and their corresponding import payments and percent shares to the total APEC imports during the semester were:

a.    electronic products, USD 11.75 billion (22.6%);
b.    mineral fuels, lubricants and related materials, USD 7.68 billion (14.8%);
c.    transport equipment, USD 4.69 billion (9.0%);
d.    iron and steel, USD 2.56 billion (4.9%); and
e.    industrial machinery and equipment, USD 2.41 billion (4.6%). (Table 17)

8.    East Asia contributed the highest import value among geographic regions

By geographic region, East Asia had the highest import value of USD 28.01 billion (45.6%) in the first semester of 2024. This was followed by Southeast Asia with an import value amounting to USD 17.61 billion (28.6%), and Northern America valued at USD 4.45 billion (7.2%). (Figure 15 and Table 18)

DIVINA GRACIA L. DEL PRADO, PhD
Assistant Secretary
Deputy National Statistician
Sectoral Statistics Office