PH goods exports grow 3% in H1 2024

MANILA: The country's merchandise exports in the first six months of the year increased by 3 percent compared to the same period in 2023. The Philippine Statistics Authority (PSA) reported on Tuesday that merchandise export revenues from January to June 2024 reached USD36.41 billion, up from USD35.34 billion in the first half of last year. PSA data also showed that the balance of trade in goods for the first half of this year also improved as deficit eased to USD25 billion from the USD27.63 billion in the first semester of 2023. However, the country's year-on-year external trade performance for June has worsened as deficit grew 9.3 percent to USD4.3 billion from USD3.94 billion in the same month last year. This was because exports of goods plunged by 17.3 percent, while imports declined at a slower pace at 7.5 percent. Philippine goods exports in June amounted to USD5.57 billion, down from USD6.73 billion in the same month in 2023. According to the PSA, five commodity groups contributed to the sharp dec line in export revenues in June. The country's largest export product, electronic goods, exported USD965.14 million less in June 2024 than its exports in the same period last year. Electronics exports in June this year amounted to USD2.99 percent, sharing 53.7 percent of the total merchandise exports, from USD3.96 billion. Other contributors to the low export revenues two months ago were cathodes and section of cathodes, of refined copper down by USD97.13 million; other manufactured goods, down by USD59.99 million; machinery and transport equipment, down by USD53.15 million; and other mineral products, down by USD49.52 million. The top destinations for Philippine exports in June are the United States, valued at USD897.9 million; Hong Kong at USD886.64 million; China at USD868.44 million; Japan at USD746.97 million; and South Korea at USD240.26 million. On the other hand, inbound shipments of goods in June amounted to USD9.87 billion, down from USD10.67 billion more than a year ago. 'The commodity group with the highest import value in June 2024 was electronic products, which amounted to USD2.23 billion or a share of 22.6 percent to the country's total imports. This was followed by mineral fuels, lubricants, and related materials at USD1.57 billion (15.9 percent), and transport equipment at USD787.92 million (8 percent),' the PSA said. Top import trading partners of the country in June included Indonesia, with imports amounting to USD861.69 million; Japan, with USD763.2 million; South Korea, with USD715.14 million; and the US, with USD658 million. Source: Philippines News Agency