Philippines Trade Deficit Narrows in February

Philippines trade gap decreased 93.1 percent from a year earlier in February of 2014 as exports surged 24.4 percent and imports rose 0.3 percent.

In February of 2014, exports amounted to USD 4.65 billion, increasing 24.4 percent compared with the same month of 2013. Shipments increased for electronic products (+2.6 percent, yoy), other manufactures (16.7 percent), woodcrafts and furniture (67.2 percent), machinery and transport equipment (91.8 percent), chemicals (65.7 percent), other mineral products (130.9 percent), electronic equipment and parts (121.0 percent).

Sales to China recorded the highest growth rate (+79.3 percent yoy) and exports to Japan increased 67.2 percent.

Imports rose by 0.3 percent over a year earlier to USD 4.72 billion. Higher purchases were recorded to electronic products (2.2 percent), transport equipment (56.5 percent), other food and live animals (10.5 percent), feeding products for animals (33.4 percent), iron and steel (43.2 percent), plastics in primary and non-primary forms (24.7 percent), telecommunication equipment and electrical machinery (4.0 percent), cereals and cereal preparations (6.4 percent). Imports of industrial machinery and equipment fell by 5.7 percent, and mineral fuels, lubricants and related materials declined 32.2 percent.

Imports from China increased 5.3 percent from a year earlier, and purchases from the US declined 11.0 percent.

On a monthly basis, exports increased 6.3 percent while imports declined 20.7 percent.

Philippines Trade Deficit Narrows in February

National Statistics Office | Isabel Felino |
4/25/2014 11:55:08 AM