Philippines Trade Deficit Widens Sharply in December


The Philippines posted a trade deficit of USD 4.02 billion in December of 2017, compared to a USD 2.47 billion gap in the same month a year earlier, as imports surged while exports declined.

In December, sales fell 4.9 percent year earlier to USD 4.72 billion, following an upwardly revised 2.7 percent rise in a month earlier. Outbound shipments declined for: ignition wiring set and other wiring sets used in vehicles, aircrfats and ships (-27.1 percent), other manufactured goods (-24.4 percent), and metal components (-3 percent).
 
In contrast, sales rose for: gold (198.8 percent); machinery and transport equipment (62.8 percent); electronic equipment and parts (20.3 percent), and miscellaneous manufactured articles, n.e.s (10.6 percent). Sales of electronic products, the country’s top exports, also went up by 15 percent.
 
Exports decreased to Japan (-34.4 percent); China (-14.7 percent), and the USA (-7.6 percent). In contrast, sales went up to Hong Kong (27.3 percent); the EU (45.9 percent); the ASEAN Countries (4.6 percent) mainly Singapore (13.4 percent)
 
Imports increased by 17.6 percent year-on-year to USD 8.74 billion, compared to an upwardly revised 20.1 percent rise in November. It was the fifth straight monthly growth in inbound shipments, driven by mineral fuels, lubricants and related material (61.8 pct); miscellaneous manufactured articles (26.6 pct); electronic products (20.3 pct); telecommunication equipment and electrical machinery (18.2 pct), and iron and steel (17.9 pct). In contrast, imports dropped for  other food and live animals (-0.4 percent).
 
Inbound shipment went up from South Korea (45 pct); China (28.3 pct); Japan (6.8 pct), and the ASEAN countries (4.6 pct). In contrast, imports decreased from the US (-14 percent).
 
In November 2017, the trade deficit was an upwardly revised to USD 3.85 billion.
 
Considering full 2017 the trade deficit was recorded at USD 29.79 billion, up from a USD 26.70 billion gap in the same period the prior year. Exports in the period grew by 9.5 percent to USD 62.88 billion while imports rose 10.2 percent to USD 92.66 billion.
 

Philippines Trade Deficit Widens Sharply in December


National Statistics Office of Philippines l Chusnul Ch Manan | chusnul@tradingeconomics.com
2/9/2018 3:03:44 AM