Philippines Trade Balance Returns to Deficit in November

In November of 2013, Philippines trade balance turned into a deficit of USD 934 million, after recording a USD 201 million surplus in the previous month. Yet, compared with the same month last year, the trade deficit narrowed 40.9 percent, as exports posted a double-digit growth of 18.9 percent.

Exports amounted to USD 4.29 billion in November of 2013, an 18.9 percent growth over a year earlier, but a 14.6 percent decline from October. Sales of electronic products rose an annual 10 percent.

Shipments to China recorded the highest annual increase (38.1 percent), followed by Japan (37.1 percent) and the US (22.7 percent). Japan remains the main top market for Philippines exports.

Imports increased to USD 5.23 billion, up by 8.5 percent over the previous month and 0.5 percent over a year earlier. The annual growth was due to higher purchases of transport equipment; iron and steel; telecommunication equipment and electrical machinery; medicinal and pharmaceutical products; and plastics in primary and non-primary forms.

Considering the first eleven months of 2013, exports rose 2.6 percent while imports shrank 0.7 percent.

Philippines Trade Balance Returns to Deficit in November

National Statistics Office | Joana Taborda |
1/24/2014 11:13:33 AM