The Philippines’ total external trade in goods reached US$200.87 billion in 2024, reflecting a slight increase of 0.5% from the US$199.83 billion recorded in 2023, according to the Philippine Statistics Authority (PSA). This marks a recovery from the 7.8% annual decline in 2023, following a stronger performance in 2022, which saw a 13.2% increase in external trade.
Of the total trade in 2024, 63.5% represented imports, while exports made up the remaining 36.5%.
The Balance of Trade in Goods (BoT-G), which is the difference between the value of exports and imports, showed a trade deficit of USD 54.33 billion in 2024, an increase of 3.3% from the previous year. This follows a decrease in the trade deficit of 8.8% in 2023, after a significant 36.6% surge in 2022.
The country’s total export sales in 2024 amounted to US$73.27 billion, a slight decrease of 0.5% from US$73.62 billion in 2023. Exports in 2023 had already seen a 7.5% decline, following a 6.5% increase in 2022.
The sector that experienced the largest drop in export value in 2024 was electronics, with a decrease of USD 2.81 billion. Other notable declines included cathodes and sections of cathodes, of refined copper, down by USD 593.59 million, and ignition wiring sets and other wiring sets used in vehicles, aircraft, and ships, which dropped by USD 207.95 million.
Despite the overall decrease in export value, electronic products remained the Philippines’ largest export category in 2024, accounting for USD 39.09 billion, or 53.4% of total exports. Other major export items included other manufactured goods (USD 4.68 billion, or 6.4%) and mineral products (USD 3.01 billion, or 4.1%).
By product type, manufactured goods comprised the largest portion of exports, totaling USD 58.39 billion or 79.7% of the total. Mineral products followed with USD 7.02 billion (9.6%), and agro-based products contributed USD 5.96 billion.
In terms of trading partners, the United States was the top destination for Philippine exports in 2024, receiving USD 12.14 billion, which made up 16.6% of total exports. The top five export partners and their respective shares were as follows:
- Japan: USD 10.33 billion (14.1%)
- Hong Kong: USD 9.61 billion (13.1%)
- People’s Republic of China: USD 9.44 billion (12.9%)
- Republic of Korea: USD 3.57 billion (4.9%)
This data highlights the continued importance of key international markets in driving the Philippines’ export performance, while also reflecting the challenges posed by global trade dynamics and domestic factors.
