Philippine exports rebounded 9.1% in January 2024

Philippine exports climbed 9.1 percent year-on-year in January 2024, the Philippine Statistics Authority (PSA) said Tuesday.

Data showed that merchandise exports amounted to $5.94 billion in January, up from $5.44 billion in the same month of 2023.

This represented a strong recovery from the 0.5-percent decline in December 2023 and the 10.6-percent contraction in January 2023.

Meanwhile, imports fell 7.6 percent in January 2024 to $10.16 billion from $11 billion a year ago. This also followed a decline of 3.5 percent in December.

The PSA said that the Philippines continued to incur a trade deficit in January despite the higher exports and lower imports.

Trade deficit reached $4.22 billion in January, the PSA said.