Philippine exports and imports surged in February 2024, marking their fastest growth in 16 months, according to the Philippine Statistics Authority (PSA).
The PSA said February exports climbed 15.7 percent to $5.9 billion from $5.1 billion a year ago, while imports rebounded 6.3 percent to $9.6 billion from $9 billion.
The trade deficit amounted to $3.65 billion in February 2024, lower than the $3.88-billion shortfall registered in the same month last year.
Exports in the first two months of 2024 reached $11.84 billion, up by 12.3 percent from $10.55 billion in the same period last year.
Data from the PSA showed that top exports in February were electronic products, amounting to $3.42 billion, up by 26.8 percent from $2.7 billion a year ago. Shipments of coconut oil surged 62 percent to $116.5 billion, while sales of fresh bananas climbed 21 percent to $102 billion.
Other manufactured goods posted an export value of $290.31 million, while other mineral products amounted to $208.82 million.
The country’s top export markets in February were the United States which placed orders for $947.83 million, followed by Japan with $849.17 million, Hong Kong with $774.03 million, China with $695.25 million and Thailand with $282.01 million.
Imports in the first two months went down by 0.5 percent to $19.88 billion from $19.98 billion in the same period last year.
Electronics remained top commodity group with the highest import value amounting to $1.92 billion in February, followed by mineral fuels, lubricants and related materials with $1.72 billion and transport equipment with $809.73 million.
China was the largest supplier of imported goods valued at $2.18 billion or 22.8 percent of the total imports in February.
Completing the top five import sources in February were Japan with $845.23 million, Korea with $719.90 million, Indonesia with $664.57 million and Thailand with $660.86 million. Most vehicles sold in the Philippines came from these five countries.