Philippines’ Trade Deficit Doubles in January

The trade deficit widened in January of 2014 to USD -1.38 billion from USD -0.72 billion a year earlier and USD -0.70 billion in December of 2013. While exports climbed for the eighth consecutive month, imports posted the highest increase in nearly 3 years.

Exports amounted to USD 4.3 billion in January of 2014, a 7.5 percent increase from USD 4.0 billion a year ago. Imports were recorded at USD 5.76 billion, a 21.8 percent increase yoy. 

Year-on-year, sales increased for electronic equipment (22.1 percent), other manufactures including crude and refined (99.5 percent), woodcrafts and furniture (1.3 percent), metal components (53.1 percent), articles of apparel and clothing accessories (45.7 percent), electronic equipment and parts (89.7 percent).

Japan remained as the country’s top destination of exports (sales rose 49.6 percent), followed by the USA (15.6 percent), China (2.6 percent) and Singapore (62.8 percent).

The top imported good, electronic products, increased by 11.1 percent from January of 2013, followed by mineral fuels, lubricants and related materials (33.0 percent), transport equipment (87.3 percent), cereals and cereal preparations (50.4 percent), other food and live animals (26.9 percent), plastics (20.0 percent), iron and steel (5.8 percent), miscellaneous manufactured articles (28.7 percent), power generating and specialized machinery (170.1 percent).

China was the main source of imports (purchases rose 36.8 percent from January of 2013), followed by the USA (19.4 percent) and South Korea (23.4 percent). 

On a monthly basis, purchases increased by 6.4 percent from USD 5.41 billion in December of 2013, while exports fell 3 percent from USD 4.6 billion to USD 4.3 billion.

Philippines’ Trade Deficit Doubles in January

National Statistics Office | Isabel Felino |
3/25/2014 11:57:54 AM