In August 2024, the Philippines showcased an export performance of $6.75 billion, reflecting a nominal increase of 0.3% compared to the previous year. Conversely, imports reached $11.12 billion, marking an uptick of 2.7% year on year, as highlighted by the Philippine Statistics Authority (PSA). This trade scenario resulted in a goods trade deficit of $4.36 billion for the month. Examining the broader horizon, during the first eight months of 2024, the Philippines recorded total exports amounting to $49.41 billion, which presents a modest growth of 2.3% from the previous year.

In contrast, total imports displayed a slight decline of 0.5%, settling at $83.70 billion, as per PSA data. Diving deeper into commodity specifics, manufactured goods dominated the export landscape in August, accounting for $5.48 billion of the total exports. On the import front, electronic products led with a valuation of $2.44 billion, followed closely by oil, fuels, and related products, which constituted $1.79 billion of the imports. The primary export markets for the Philippines in August highlighted the United States, generating $1.22 billion, supplemented by Hong Kong's contribution of $942.5 million, and Japan's $935.3 million in purchases from the Philippines. On the import route, mainland China emerged as the leading partner for the month with $2.79 billion, while Indonesia and South Korea contributed $972.4 million and $925.4 million, respectively, solidifying their roles as major import trading partners for the Philippines during this period..