Philippine exports and imports surged in February 2024 on improving global trade prospects.
The Philippine Statistics Authority said February exports climbed 5.9 percent to $5.9 billion from $5.1 billion a year ago, while imports rebounded 6.3 percent to $9.6 billion from $9 billion.
These represented the fastest growth of exports and imports in 16 months. As a result, the trade deficit amounted to $3.65 billion in February 2024, lower than the $3.88-billion shortfall registered in the same month last year.
Data from the PSA showed that top exports in February were electronic products, amounting to $3.42 billion, up by 26.8 percent from $2.7 billion a year ago. Shipments of coconut oil surged 62 percent to $116.5 billion, while sales of fresh bananas climbed 21 percent to $102 billion.