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Wednesday, June 19, 2024

Philippine exports jumped 26% in April 2024

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Philippine merchandise exports jumped 26.4 percent year-on-year to $6.22 billion in April 2024, rebounding from a 7.3-percent decline in March, the Philippine Statistics Authority (PSA) said Tuesday.

Data showed imports also climbed 12.6 percent to nearly $11 billion, resulting in a trade deficit of $4.76 billion, slightly lower than the $4.83-billion gap a year ago.

The PSA said exports in the first four months of 2024 totaled $24.19 billion, up 9.6 percent from $22.07 billion a year earlier.

Electronic products remained the country’s top exports in April 2024, with earnings of $3.57 billion, representing 57.4 percent of the total. Other manufactured goods followed with an export value of $331.3 million (5.3 percent) and other mineral products at $287.65 million (4.6 percent).

Manufactured goods were the largest contributor to exports in April 2024, totaling $4.99 billion or 80.2 percent of the total. Mineral products followed with $546.52 million (8.8 percent) and agro-based products at $521.2 million (8.4 percent).

By major trading partner, exports to Hong Kong comprised the highest value at $1.03 billion, or 16.5 percent of the total. Shipments to the United States reached $948.43 million (15.3 percent); Japan, $823.27 million (13.2 percent); China, $702.02 million (11.3 percent); and South Korea, $314.59 million (5.1 percent).

Meanwhile, imports reached $10.98 billion in April, an annual increase of 12.6 percent from $9.75 billion. However, four-month imports reached $40.46 billion, down 2.2 percent from $41.36 billion a year ago.


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