The trade deficit of the Philippines widened to $5.1 billion in September 2024 from $3.5 billion a year ago, as exports tumbled 7.6 percent and imports surged 9.9 percent, data from the Philippine Statistics Authority (PSA) show.
The total external trade in goods also increased 3.0 percent to $17.60 billion in September from $17.09 billion in the same month last year.
Data showed that merchandise exports amounted to $6.26 million in September, down from $6.77 billion a year earlier while imports increased to $11.34 billion from $10.32 billion.
The PSA said exports in the first nine months rose 1 percent to $55.67 billion from $55.08 billion a year ago, while imports inched up to $95.07 billion from $94.49 billion.
Electronic products recorded the highest annual decline in September exports, but remained the top exports during the month with total earnings of $3.15 billion or 50.3 percent of the total.
Exports to the United States reached $1.08 billion. Other top markets were Hongkong, Japan, China and Korea.
Meanwhile, the commodity group with the highest import value in September 2024 was electronic products, which amounted to $2.40 billion.
This was followed by mineral fuels, lubricants, and related materials and transport equipment.
China remained the top source of imported goods valued at $2.84 billion in September. Other leading import sources were Indonesia, Japan, Korea and Thailand.
