Imports of goods and services recorded a year-on-year growth of 2.3 percent in the first quarter of 2024. (Figure 9)

Imports of services grew year-on-year by 24.4 percent in the first quarter of 2024, faster compared with the 22.9 percent growth in the first quarter of 2023. The increase was primarily driven by the following items: Travel, 45.4 percent; Business services, 22.1 percent; and Miscellaneous services, 98.2 percent.

On the other hand, Imports of goods declined year-on-year by 3.6 percent in the first quarter of 2024. The following commodities contributed the most to the decline: Transport equipment,
-12.9 percent; Components/devices (semiconductors), -13.1 percent; Industrial machinery and equipment, -14.1 percent; Mineral fuels, lubricants and related materials, -6.2 percent; and Plastics in primary and non-primary forms, -10.3 percent.

Figure 9. Imports of goods and services,
Q1 2021 to Q1 2024 Growth Rates, 
At Constant 2018 prices

Source: Philippine Statistics Authority