Philippines Trade Trends May 2024

According to data released by the Philippine Statistics Authority, the country’s international trade decreased by 1.2 per cent in May 2024 to USD 17 billion on a yearly basis.

Exports in May fell by 3.1 per cent to USD 11 billion and imports remaining unchanged reaching USD 6 billion.

Philippines exported the most to the United States, Japan, China, and Thailand, while the main sources of imports were China, followed by South Korea, Indonesia and the United States.

In its latest outlook, the International Monetary Fund estimated the Philippines’ GDP growth rate to be 6.2 percent in 2024 and 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.