Philippines Trade Deficit Widens In March


Philippines recorded a USD 2.30 billion trade deficit in March of 2017, compared to a USD 1.75 billion gap a year earlier, as exportss rose less than imports.

In March,  sales increased by 21.0 percent to USD 5.58 billion, following a downwardly revised 10.05 percent rise in February. Outbound shipments rose the most for cathodes and sections of cathodes (506.3 percent), coconut oil (215.8 percent) and gold (116.8 percent). Exports also went up for: other mineral products (80.0 percent), machinery and transport equipment (55.9 percent), other manufactures (47.5 percent), metal components (21.8 percent), chemicals (21.6 percent) and ignition wiring set and other wiring sets used in vehicles, aircraft and ships (20.2 percent). Sales of electronic products, the country’s top exports, increased by 19.0 percent.
 
Exports rose to the US (20.4 percent), Hong Kong (38.9 percent), China (38.9 percent), the ASEAN countries (20.9 percent) and the EU countries (56.2 percent). In contrast, sales declined to Japan (-23.1 percent).
 
Imports rose 24.0 percent to USD 7.88 billion, compared to a 20.3 percent growth in a month earlier. Purchases increased for: iron and steel (75.9 percent), cereals and cereal preparations (63.9 percent); mineral fuels, lubricants and related materials (48.7 percent), miscellaneous manufactured articles (31.2 percent), industrial machinery and equipment (25.6 percent), plastics in primary and non-primary forms (25.3 percent), transport equipment (20.3 percent) and electronic products (13.8 percent). In contrast, inbound shipments fell for other food and live animals (-13.9 percent).
 
In February 2017, trade deficit was upwardly revised to USD 1.77 billion.
 
 

Philippines Trade Deficit Widens In March


National Statistics Office of Philippinesl Chusnul Ch Manan | chusnul@tradingeconomics.com
5/11/2017 2:18:21 AM