A.    TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1.    Total external trade increased by 0.5 percent

In 2024, the country’s total external trade in goods amounted to USD 200.87 billion, which indicates an annual increase of 0.5 percent from the USD 199.83 billion total external trade in the previous year. In 2023, the total external trade in goods registered an annual decrease of 7.8 percent, while an annual increment of 13.2 percent was recorded in 2022. (Figure 1, and Tables A and 1)

Of the total external trade in 2024, 63.5 percent were imported goods, while the remaining 36.5 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 2024 amounted to USD -54.33 billion, indicating a trade deficit with an annual increment of 3.3  percent. In 2023, the trade deficit recorded an annual decrease of 8.8 percent, while an annual increment of 36.6 percent was posted in 2022. (Figure 1, and Tables A and 4)

B.    EXPORTS

1.    Sales from exports posted negative growth

The country’s total export sales in 2024 amounted to USD 73.27 billion, indicating an annual decrease of 0.5 percent from the USD 73.62 billion total exports in the previous year. In 2023, the total export sales registered an annual decrease of 7.5 percent, while an annual increase of 6.5 percent was recorded in 2022. (Figures 1 and 2, and Tables A and 3)

The commodity group with the highest annual decrement in the value of exports in 2024 was electronic products with USD 2.81 billion. This was followed by cathodes and sections of cathodes, of refined copper with an annual decrease of USD 593.59 million, and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships with an annual decline of USD 207.95 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 export in 2024 with total earnings of USD 39.09 billion or 53.4 percent of the country’s total exports during the period. This was followed by other manufactured goods with an export value of USD 4.68 billion (6.4%), and other mineral products with USD 3.01 billion (4.1%). (Figure 3 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 2024, amounting to USD 58.39 billion or a share of 79.7 percent. This was followed by mineral products with a share of USD 7.02 billion (9.6%), and total agro-based products, which contributed USD 5.96 billion (8.1%). (Figure 4 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 12.14 billion or 16.6 percent share to the country’s total exports in 2024.

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

a.    Japan, USD 10.33 billion (14.1%);
b.    Hong Kong, USD 9.61 billion (13.1%);
c.    People’s Republic of China, USD 9.44 billion (12.9%); and
d.    Republic of Korea, USD 3.57 billion (4.9%). (Figure 5 and Table 7)

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

Exports to EU reached USD 8.07 billion or 11.0 percent of the total export sales in 2024. Revenue from exports to Netherlands had the highest share of USD 2.87 billion or 35.5 percent of the total exports to EU member countries. (Figure 6 and Table 12)

The top five exported goods to EU member countries with their export revenues and percent shares to the total EU exports in 2024 were:

a.    electronic products, USD 5.12 billion (63.5%);
b.    coconut oil, USD 886.16 million (11.0%);
c.    other manufactured goods, USD 310.68 million (3.8%);
d.    tuna, USD 284.26 million (3.5%), and
e.    machinery and transport equipment, USD 217.73 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 11.02 billion or 15.0 percent of the country’s total export revenue in 2024. Exports to Thailand accounted for the highest share of USD 2.96 billion or 26.8 percent of the total exports to ASEAN member countries. (Figure 7 and Table 12)

The leading export commodities to ASEAN member countries and their corresponding export values and percent shares to the total ASEAN exports in 2024 were:

a.    electronic products, USD 6.38 billion (57.5%);
b.    other manufactured goods, USD 906.34 million (8.2%);
c.    cathodes and sections of cathodes, of refined copper, USD 774.39 million (7.0%);
d.    coconut oil, USD 464.42 million (4.2%); and 
e.    machinery and transport equipment, USD 439.94 million (4.0%). (Table 13)

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

Exports to APEC member countries amounted to USD 60.92 billion or 83.1 percent of the total exports in 2024. Exports to USA was recorded as the highest at USD 12.14 billion or 19.9 percent of the country’s total exports to APEC member countries. (Figure 8 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 in 2024 were:

a.    electronic products, USD 32.67 billion (53.3%);
b.    other manufactured goods, USD 4.00 billion (6.5%);
c.    other mineral products, USD 2.90 billion (4.7%);
d.  ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, USD 2.43 billion (4.0%); and
e.    machinery and transport equipment, USD 2.18 billion (3.5%). (Table 16)

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

By geographic region, East Asia comprised the highest export value in 2024, amounting to USD 35.65 billion (48.7%). This was followed by Northern America with an export value of USD 12.70 billion (17.3%), and Southeast Asia with USD 11.02 billion (15.0%) worth of exports. (Figure 9 and Table 18)

C.    IMPORTS

1.    Import value increased in 2024

The total imported goods in 2024 amounted to USD 127.60 billion, indicating an annual increase of 1.1 percent from the USD 126.21 billion in the previous year. In 2023, the total import value recorded an annual decrease of 8.0 percent, while an annual increase of 17.4 percent was registered in 2022. (Figures 1 and 10, and Tables A and 2)

In 2024, the commodity group with the highest annual increment in the value of imported goods was cereals and cereal preparations with USD 991.74 million. This was followed by electronic products, which increased by USD 737.63 million, and iron and steel with an annual increment of USD 520.26 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 2024 was electronic products, which amounted to USD 27.38 billion or a share of 21.5 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 19.06 billion (14.9%), and transport equipment at USD 11.36 billion (8.9%). (Figure 11 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 2024, amounting to USD 46.47 billion (36.4%). This was followed by capital goods with a share of USD 35.73 billion (28.0%), and consumer goods with an import value of USD 25.82 billion (20.2%). (Figure 12 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 32.83 billion or 25.7 percent of the country’s total imports in 2024.

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

a.    Indonesia, USD 10.64 billion (8.3%);
b.    Japan, USD 10.11 billion (7.9%);
c.    Republic of Korea, USD 9.63 billion (7.5%); and
d.    USA, USD 8.17 billion (6.4%). (Figure 13 and Table 7)

5.    Germany topped total imports among EU member countries

The total imports from EU member countries amounted to USD 7.46 billion or 5.8 percent of the total imports in 2024. Among the EU member countries, import payments from Germany was the highest at USD 2.16 billion or 28.9 percent of the country’s import value from EU member countries. (Figure 14 and Table 12)

The leading imported goods from EU member countries and their corresponding import payments and percent shares to the total EU imports in 2024 were:

a.    electronic products, USD 1.34 billion (17.9%);
b.    medicinal and pharmaceutical products, USD 917.07 million (12.3%);
c.    transport equipment, USD 811.67 million (10.9%);
d.    industrial machinery and equipment, USD 611.06 million (8.2%); and
e.    other food and live animals, USD 591.07 million (7.9%).
(Table 14)

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

The total imports from ASEAN member countries was registered at USD 36.04 billion or 28.2 percent of the country’s total imports in 2024. Majority of the imports came from Indonesia, which amounted to USD 10.64 billion or 29.5 percent of the total imports from ASEAN member countries. (Figure 15 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 2024 were:

a.    transport equipment, USD 6.18 billion (17.1%);
b.    mineral fuels, lubricants and related materials, USD 6.09 billion (16.9%);
c.    electronic products, USD 5.02 billion (13.9%);
d.    cereals and cereal preparations, USD 2.72 billion (7.6%); and            
e.    other food and live animals, USD 2.40 billion (6.7%). (Table 14)

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

Import payments from APEC member countries amounted to USD 107.85 billion or 84.5 percent of the total imports in 2024. People’s Republic of China registered the highest import value among APEC member countries, which amounted to USD 32.83 billion or 30.4 percent of the country’s total imports from APEC member countries. (Figure 16 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 in 2024 were:

a.    electronic products, USD 25.54 billion (23.7%);
b.    mineral fuels, lubricants and related materials, USD 14.18 billion (13.1%);
c.    transport equipment, USD 10.11 billion (9.4%);
d.    iron and steel, USD 5.05 billion (4.7%); and
e.    industrial machinery and equipment, USD 4.89 billion (4.5%). (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 58.63 billion (45.9%) in 2024. This was followed by Southeast Asia with an import value amounting to USD 36.04 billion (28.2%), and Northern America valued at USD 9.06 billion (7.1%). (Figure 17 and Table 18)

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