Philippines Posts Trade Surplus in November


Philippines reported a trade surplus of USD 272.2 million in November of 2014, swinging from a revised USD 126 million deficit in the same month of the previous year as imports fell the most since April 2012 and exports surged.

In November, exports increased 19.7 percent year-on-year and amounted to USD 5.18 billion. Sales of coconut oil grew the most by 315.5 percent, following a 145 percent increase in October. Exports were also higher for cathodes & sections of cathodes, of refined copper (+138.3 percent); machinery & transport equipment (+97.0 percent); chemicals (+29.7 percent); woodcraft and furniture (+27.5 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (+27.3 percent); articles of apparel and clothing accessories (+23.0 percent) and metal components (+5.8 percent). Sales of electronic products, the country's top exports, accounting for 49.2 percent of the total sales, rose 27.0 percent. Among the major groups of electronic products, Components/Devices (Semiconductors) increased by 39.3 percent, comprising 35.8 percent of the total exports. In contrast, exports of other manufactures fell by 27.2 percent, accounting for 6.3 percent share to the total outward shipments.
 
Sales to the country's major trading partners increased except those to the ASEAN. Exports to Japan, the country's top destination, grew by 5.5 percent (comprising of 21.1 percent of the total), followed by the US (+16.5 percent and(accounting for 13.3 percent of total), China (+25.1 percent and accounting for 12.4 percent), Taiwan (+ 227.4 percent, accounting for 10.8 percent), Hong Kong (+30.6 percent, representing a 10.4 percent share) and the EU countries (+5.5 percent, accounting for 9.8 percent share). Exports to the ASEAN countries fell by 6.8 percent, comprising 12.2 percent of the total sales.
 
Imports declined by 10.8 percent and amounted to USD 4.99 billion. Purchases fell for: transport equipment (-65.2 percent); mineral fuels, lubricants and related materials (-23.1 percent); industrial machinery and equipment (-16.7 percent) and miscellaneous manufactured articles (-5.6 percent). In contrast, purchases increased for: cereals and cereal preparations (+59.9 percent), plastics in primary and non-primary forms (+58.6 percent), feeding stuff for animals (not including unmilled cereals) (+37.3 percent), other food and live animals (+33.5 percent) and iron and steel (+8.7 percent). Imports of electronic products grew by 21.8 percent. Among the major group of electronic products, Components/Devices (semiconductors) rose by 48.0 percent year-on-year and accounted for the biggest share of 24.4 percent among electronic products.
 
Purchases from China, the largest source of imports in November, increased by 20.6 percent year-on-year and amounted to USD 808.53 million. Higher imports were recorded from Saudi Arabia (+111.3 percent; amounted to USD 499.35 million), Japan (+14 percent; amounted to USD 480.95 million) and the ASEAN countries (+8.3 percent; amounted to USD 1.31 billion). In contrast, purchases from the US and the EU countries declined by 42.0 percent (USD 483.16 million) and  48.3 percent ( USD 290.70 million) respectively.
 
During January to November of 2014, exports increased 10.0 percent over a year earlier to USD 56.93 billion and imports rose 2.8 percent to USD 58.93 billion. That brought the trade deficit from January to November 2014 to USD 1.54 billion, compared to a USD 5.23 billion gap in the same period last year.
 
In November 2013, Philippines registered a revised USD 1.267 billion trade deficit.
 

Philippines Posts Trade Surplus in November


National Statistics Office l Rida Husna l rida@tradingeconomics.com
1/27/2015 11:21:24 AM