The Philippines began 2024 with a larger trade deficit, despite a decrease in imports and an increase in exports, as per the Philippine Statistics Authority. The trade deficit in goods was $4.221 billion in January, a slight increase from December's $4.178 billion, but less than January 2023's $5.557 billion. Exports rose to $5.935 billion, a 9.1% increase from the previous year, while imports, although higher than December, were lower than the previous year at $10.157 billion.
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The Philippines opened the year with a wider trade deficit even as imports contracted and exports expanded during the month, data released by the Philippine Statistics Authority (PSA) on Tuesday revealed. Preliminary data showed that the balance of trade in goods (BoT-G) or the difference between the value of exports and imports stood at a $4.221-billion deficit in January, wider than the $4.178-billion deficit the previous month, but narrower than the $5.557-billion deficit in January 2023. A deficit indicates that the value of a country's imports exceeded export receipts, while a surplus indicates more export shipments than imports. Exports for the month stood at $5.935 billion, up from $5.784 billion last December, and 9.1% higher than the $5.440 billion in January 2023. The biggest annual increase was seen in the export receipts of electronic products which stood at $3.452 billion from $2.968 billion a year ago. This was followed by machinery and transport equipment which ...
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