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Louella Desiderio - The Philippine Star
March 1, 2025 | 12:00am
Preliminary data released by the PSA yesterday showed that the country’s trade balance – the difference between the value of exports and imports of goods – amounted to a $5.09-billion deficit in January, almost 17 percent wider than the $4.36 billion gap in the same month last year.
Businessworld / File
MANILA, Philippines — The Philippines posted its biggest trade shortfall in three months in January as imports growth outpaced exports, according to the Philippine Statistics Authority (PSA).
Preliminary data released by the PSA yesterday showed that the country’s trade balance – the difference between the value of exports and imports of goods – amounted to a $5.09-billion deficit in January, almost 17 percent wider than the $4.36 billion gap in the same month last year.
The January trade gap was bigger than the previous month’s $4.14 billion shortfall and the widest since the $5.81 billion deficit in October last year.
Merchandise exports sales rose by 6.4 percent to $6.36 billion in January from $5.98 billion in the same month last year.
Electronic products remained the country’s top exports, accounting for 53 percent of the total during the period.
Earnings from exports of electronic products, however, declined by 2.6 percent to $3.37 billion in January from $3.46 billion in the same month in 2024.
Semiconductor and Electronics Industries in the Philippines Foundation Inc. president Dan Lachica said the group expects flat growth in the country’s electronics exports this year “due to geopolitical conditions and residual inventory correction.”
He said the projection has not factored in the full extent of trade policy changes announced by US President Donald Trump as the group is still assessing the impact.
Philippine electronics exports dipped by 6.4 percent to $42.74 billion last year from $45.65 billion in 2023.
The PSA said the United States maintained its position as the top market for Philippine exports, accounting for $1.13 billion or 17.7 percent of the total exports in January this year.
While exports went up, the country’s imported goods increased at a faster pace of 10.8 percent to $11.45 billion in January from $10.34 billion in the same month last year.
Posting the highest import value was the electronic products commodity group, amounting to $2.51 billion or 21.9 percent of the total imports during the month.
China remained the country’s biggest source of imported goods amounting to $3.31 billion or 28.9 percent of the total.
Total external trade in goods in January grew by 9.2 percent to $17.82 billion from $16.32 billion in the same month last year.
