Philippines Trade Gap Widens in January

The Philippine's trade deficit widened to USD 3.76 billion in January of 2019 from USD 3.16 billion in the same month a year earlier. Exports contracted 1.7 percent from a year earlier to USD 5.28 billion, while imports rose by 5.8 percent to USD 9.03 billion.

Year-on-year, exports declined by 1.7 percent to USD 5.28 billion in January, following a downwardly revised 12 percent  fall in a month earlier and reaching the third straight month of drop. Sales decreased the most for electronic equipment and parts (-37.9 percent), followed by metal components (-35.8 percent), gold (-33.3 percent), machinery and transport equipment (-24.2 percent) and other manufactured goods (-15.3 percent). In contrast, sales of electronic products, the country's top exports grew by 1.7 percent. Also, exports rose for: bananas (127.8 percent); cathodes & sections of cathodes, or refined copper (61.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ship (54.5 percent); and chemicals (5.4 percent).

Outbound shipments fell to Japan (-3. percent), Hong Kong (-15.8 percent), and Singapore (-6.9 percent). Conversely, sales advanced to the US (8.4 percent), China (2.3 percent), and the ASEAN countries (10 percent).

Imports increased 5.8 percent to USD 9.03 billion in January, swinging from a downwardly revised 9.0 percent fall in December. Purchases rose for: cereals and cereal preparations (82.5 percent), transport equipment (33.6 percent), miscellaneous manufactured articles (15.8 percent), plastics in primary and non-primary form (11.1 percent), telecommunication equipment and electrical machinery (7.3 percent), other food and live animals (5.6 percent), industrial machinery and equipment (4.6 percent), and electronic products (4.1 percent). On the other hand, imports fell for: iron and steel (-8.7 percent); and mineral fuels, lubricants and related materials (-9.9 percent).

Inbound shipments from China, the Philippines's biggest supplier of imports, jumped 24.5 percent. In addition, imports rose from Thailand (11.7 percent), the ASEAN countries (8 percent), and the EU countries (22 percent). In contrast, imports fell from South Korea (-12.3 percent), Japan (-6.2 percent), and the US (-7.3 percent).

Philippines Trade Gap Widens in January

PSA l Rida Husna |
3/12/2019 3:57:04 AM