Trade deficit in August narrows to $4.38 billion – PSA

The Philippines’ trade-in-goods deficit in August 2024 narrowed to a two-month low as exports and imports showed modest growth. Preliminary data from the Philippine Statistics Authority (PSA) showed the trade-in-goods balance — the difference between exports and imports — amounted to a $4.38 billion deficit in August, narrowing from the $4.89-billion shortfall recorded in the previous month. INQUIRER.net Stock Photo

The Philippines’ trade-in-goods deficit in August narrowed to a two-month low as exports and imports showed modest growth.

Preliminary data from the Philippine Statistics Authority (PSA) showed the trade-in-goods balance — the difference between exports and imports — amounted to a $4.38 billion deficit in August, narrowing from the $4.89-billion shortfall recorded in the previous month. However, this was still higher compared to the $4.11 deficit in August 2023.

The latest figure was likewise the steepest trade gap in two months or since the $4.32 billion recorded in June.

Total sales of Philippine-made goods grew by 0.3 percent year-on-year to $6.75 billion, higher from $6.25 billion in July and $6.73 billion a year ago.

By value, export receipt in August 2024 was the highest since September 2023.

READ: Trade deficit widens to hit 16-month high

Likewise, the country’s merchandise imports eased by 2.7 percent year-on-year to $11.123 billion in August. This was lower from the previous month’s $11.126 billion but much higher from last year’s $10.83 billion.

Import bill in August was the lowest level since the $9.89 billion recorded in June.

The Development Budget Coordination Committee projects five percent and two percent growth in exports and imports, respectively, this year.