Philippine exports jumped 9.1 percent year-on-year in January 2024 to end a four-month slump, 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.
Outbound sales of electronic products jumped 16.3 percent in January to $3.45 billion, accounting for 58 percent of total exports during the month. Machinery and transport equipment increased 20.3 percent, while coconut oil shipments surged 26.9 percent.
The PSA said that in terms of commodity group, exports of manufactured goods contributed $4.83 billion, followed by mineral products with $553.95 million and agro-based products with $430.39 million.
Exports to the United States comprised the highest value amounting to $902.33 million or a share of 15.2 percent to total exports in January. Other top export markets were Japan, with $869.25 million, Hong Kong with $761.08 million, China with $624.79 million and Korea with $356.16 million.
Meanwhile, imports tumbled 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 import commodity group with the highest decline in value was mineral fuels, lubricants and related materials with $733.27 million. This was followed by electronic products, which fell $254.43 million and metalliferous ores and metal scrap with $103.87 million.
China was the country’s largest supplier of imported goods valued at $2.65 billion, followed by Japan with $789.36 million, Indonesia with $779.13 million, Korea with $682 million and the United States with $671.86 million.
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, slightly higher than $4.178-billion deficit in December 2023, but narrower than the $5.557-billion shortfall in January 2023.