Highlights of the Philippine Export and Import Statistics July 2024 (Preliminary)

Release Date :

Tuesday, September 10, 2024

Reference Number :

2024-288

A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade increased by 4.5 percent

In July 2024, the country’s total external trade in goods amounted to USD 17.37 billion, which indicates an annual increase of 4.5 percent from the USD 16.62 billion total external trade in the same period of the previous year. In June 2024 and July 2023, the total external trade in goods registered annual decreases of 11.1 percent and 10.0 percent, respectively. (Figure 1, and Tables A and 1)

Of the total external trade in July 2024, 64.0 percent were imported goods, while the remaining 36.0 percent were exported goods.

2. Trade deficit posted an annual increase

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in July 2024 amounted to USD -4.87 billion, indicating a trade deficit with an annual increase of 18.0 percent. In June 2024, the trade deficit recorded an annual increment of 9.8 percent, while an annual decrease of 31.0 percent was registered in July 2023. (Figure 1, and Tables A and 4)

B. EXPORTS

1. Sales from export posted a positive growth

The country’s total export sales in July 2024 amounted to USD 6.249 billion, indicating an annual increase of 0.1 percent from the USD 6.246 billion total export sales in the same month of the previous year. In June 2024, the total export sales registered an annual decline of 17.3 percent, while an annual increment of 0.1 percent was recorded in July 2023. (Figures 1 and 2, and Tables A and 3)

The commodity group with the highest annual increment in the value of exports in July 2024 was copper concentrates with USD 115.80 million. This was followed by other manufactured goods with an annual increase of USD 105.12 million; and coconut oil with an annual increment of USD 92.13 million. (Tables B and 5)

2. Year-to-date annual total exports increased

The year-to-date annual total value of exports, that is from January to July 2024, amounted to USD 42.66 billion. This represents an annual increase of 2.6 percent from the year-to-date annual total export value of USD 41.58 billion in January to July 2023. (Tables 3 and 6)

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

By commodity group, electronic products continued to be the country’s top exports in July 2024 with total earnings of USD 3.25 billion or 52.1 percent of the country’s total exports during the period. This was followed by other manufactured goods with an export value of USD 421.25 million (6.7%), and other mineral products with USD 259.93 million (4.2%). (Figure 3 and Table 5)

4. 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 July 2024, amounting to USD 4.98 billion or a share of 79.6 percent. This was followed by mineral products with a share of USD 583.60 million (9.3%), and total agro-based products, which contributed USD 513.39 million (8.2%). (Figure 4 and Table 7)

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

By major trading partner, exports to the United States of America (USA) comprised the highest export value amounting to USD 1.06 billion or a share of 16.9 percent to the country’s total exports in July 2024.

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

a.    Japan, USD 872.43 million (14.0%);
b.    People’s Republic of China, USD 791.29 million (12.7%);
c.    Hong Kong, USD 744.82 million (11.9%); and
d.    Republic of Korea, USD 305.17 million (4.9%). (Figure 5 and Table 9)

6. Majority of exports were for Asia-Pacific Economic Cooperation (APEC) countries

By economic bloc, majority of the country’s merchandise exports in July 2024 went to APEC countries with a share of USD 5.14 billion or 82.2 percent of the country’s total exports. This was followed by East Asia at USD 2.96 billion (47.3%), and Regional Comprehensive Economic Partnership (RCEP), valued at USD 2.95 billion (47.2%). (Figure 6, and Tables 10 and 18)

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

By geographic region, East Asia comprised the highest export value in July 2024, amounting to USD 2.96 billion (47.3%). This was followed by Northern America with an export value of USD 1.11 billion (17.7%), and Southeast Asia with USD 933.75 million (14.9%) worth of exports. (Figure 7 and Table 19)

C. IMPORTS

1. Import value increased in July 2024

The total imported goods in July 2024 amounted to USD 11.12 billion, indicating an annual increase of 7.2 percent from the USD 10.37 billion import value in the same month of the previous year. In June 2024 and July 2023, the import value recorded annual decreases of 7.3 percent and 15.1 percent, respectively. (Figures 1 and 8, and Tables A and 2)

In July 2024, the commodity group with the highest annual increment in the value of imported goods was electronic products with USD 268.32 million. This was followed by iron and steel, which increased by USD 194.40 million, and industrial machinery and equipment with an annual increase of USD 92.31 million. (Tables C and 11)

2. Year-to-date annual total import value decreased

The year-to-date annual total import value, that is from January to July 2024, amounted to USD 72.57 billion. This represents an annual decrement of 1.0 percent from the year-to-date annual total import value of USD 73.33 billion in January to July 2023. (Tables 2 and 12)

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

The commodity group with the highest import value in July 2024 was electronic products, which amounted to USD 2.53 billion or a share of 22.8 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 1.44 billion (12.9%), and transport equipment at USD 1.03 billion (9.2%). (Figure 9 and Table 11)

4. 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 July 2024 amounting to USD 4.22 billion (38.0%). This was followed by capital goods with a share of USD 3.29 billion (29.6%), and consumer goods with an import value of USD 2.13 billion (19.2%). (Figure 10 and Table 13)

5. 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 3.08 billion or 27.7 percent of the country’s total imports in July 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 947.55 million (8.5%);
b.    Japan, USD 893.54 million (8.0%);
c.    Republic of Korea, USD 810.32 million (7.3%); and
d.    USA, USD 675.58 million (6.1%). (Figure 11 and Table 15)

6. Imports came largely from APEC member countries

By economic bloc, APEC countries were the largest suppliers of the country’s imported goods in July 2024 with a share of USD 9.52 billion (85.6%). This was followed by RCEP with an import value of USD 8.10 billion (72.9%), and East Asia with USD 5.36 billion (48.2%). (Figure 12, and Tables 16 and 18)

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

By geographic region, East Asia had the highest import value of USD 5.36 billion (48.2%) in July 2024. This was followed by Southeast Asia with an import value amounting to USD 3.02 billion (27.1%), and Northern America valued at USD 793.42 million (7.1%). (Figure 13 and Table 19)