Philippines Trade Trends November 2024

According to data released by the Philippine Statistics Authority, the country’s international trade registered a negative trend in November 2024 on a yearly basis for exports (-8.7 per cent), imports (-4.9 per cent), and aggregate trade (-6.3 per cent).

Electronic products remained the Philippines' top export, representing 48.9 per cent of the country’s total exports during the period, followed by other manufactured goods and machinery and transport equipment.

The United States remains the Philippines' top export market, followed by Japan, China, and Singapore.

Electronics was also the Philippines' top import, making up 23.5 per cent of the country's total imports, followed by mineral fuels, lubricants, and related materials, and transport equipment.

China was the country's biggest source of imports, followed by Indonesia, Japan, and South Korea.

In its latest outlook, the International Monetary Fund estimated the Philippines’ GDP growth rate to be 5.8 per cent in 2024 and 6.1 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, with 667 million people and a territory of 4.5 million km². It is currently the third-largest economy in Asia-Pacific and the fifth-largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.