BUSINESS
Advocates Philippines
Philippine Trade In July 2024: Exports On The Rise, Imports Hold Steady
Photo credit: DTI
The latest trade numbers for the Philippines in July 2024 show some notable trends, with exports seeing a significant boost and imports holding steady. Here's a more laid-back breakdown of how the country's imports and exports shaped up last month.
Exports: A 9.4% Surge
The value of the Philippines’ exports hit a cool USD 6.06 billion in July 2024, marking a solid 9.4% jump from June’s USD 5.54 billion. This bump comes as demand for some key export goods heated up.
Manufactured goods were the standout performer, climbing 13.5% to USD 4.78 billion compared to USD 4.21 billion in June. Agro-based products also enjoyed a healthy uptick, with sales reaching USD 475.60 million, up 9.3% from USD 435.06 million in June. However, not everything was on the rise—mineral products slipped just slightly by 0.8%, down to USD 588.21 million from USD 593.17 million.
These seasonal movements in export values were influenced by demand swings for these goods. While forest products and petroleum showed no seasonal shifts, the overall export landscape looked bright in July.
Imports: A Steady Climb of 3.4%
On the import side, the Philippines brought in USD 10.41 billion worth of goods in July 2024, a modest 3.4% increase from June’s USD 10.06 billion. This steady rise is driven by a mix of goods, with capital goods, raw materials, and consumer goods leading the charge.
Capital goods imports were up 7.7%, totaling USD 3.09 billion, while raw materials and intermediate goods followed suit with a 6.0% increase, amounting to USD 3.87 billion. Consumer goods weren’t far behind, with imports ticking up 3.4% to hit USD 2.04 billion.
Similar to exports, these import trends were shaped by seasonal factors—demand for capital goods, raw materials, and consumer goods surged, helping to push the total numbers higher. Mineral fuels, lubricants, and related materials, however, didn’t see much of a seasonal effect.
In Summary
The Philippines’ trade figures for July 2024 highlight the ever-changing nature of global demand and its impact on the country’s economy. With exports seeing a strong boost and imports maintaining a steady pace, it’ll be interesting to see how these numbers evolve as the year progresses.
Exports: A 9.4% Surge
The value of the Philippines’ exports hit a cool USD 6.06 billion in July 2024, marking a solid 9.4% jump from June’s USD 5.54 billion. This bump comes as demand for some key export goods heated up.
Manufactured goods were the standout performer, climbing 13.5% to USD 4.78 billion compared to USD 4.21 billion in June. Agro-based products also enjoyed a healthy uptick, with sales reaching USD 475.60 million, up 9.3% from USD 435.06 million in June. However, not everything was on the rise—mineral products slipped just slightly by 0.8%, down to USD 588.21 million from USD 593.17 million.
These seasonal movements in export values were influenced by demand swings for these goods. While forest products and petroleum showed no seasonal shifts, the overall export landscape looked bright in July.
Imports: A Steady Climb of 3.4%
On the import side, the Philippines brought in USD 10.41 billion worth of goods in July 2024, a modest 3.4% increase from June’s USD 10.06 billion. This steady rise is driven by a mix of goods, with capital goods, raw materials, and consumer goods leading the charge.
Capital goods imports were up 7.7%, totaling USD 3.09 billion, while raw materials and intermediate goods followed suit with a 6.0% increase, amounting to USD 3.87 billion. Consumer goods weren’t far behind, with imports ticking up 3.4% to hit USD 2.04 billion.
Similar to exports, these import trends were shaped by seasonal factors—demand for capital goods, raw materials, and consumer goods surged, helping to push the total numbers higher. Mineral fuels, lubricants, and related materials, however, didn’t see much of a seasonal effect.
In Summary
The Philippines’ trade figures for July 2024 highlight the ever-changing nature of global demand and its impact on the country’s economy. With exports seeing a strong boost and imports maintaining a steady pace, it’ll be interesting to see how these numbers evolve as the year progresses.
Sep 10, 2024
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