Philippines Trade Deficit Narrows in March

Philippines trade gap decreased to USD 145.7 million in March of 2014 from a USD 253 million deficit a year earlier. Exports grew 12.3 percent year-on-year, driven by a 10 percent surge in electronic sales.

Exports increased to USD 5.28 billion in March of 2014. Higher sales were recorded for bananas (120.9 percent yoy); machinery and transport equipment (96.4 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (62.2 percent); other mineral products (53.7 percent); woodcrafts and furniture (50.6 percent); electronic products (10.1 percent); and articles of apparel and clothing accessories (5.6 percent). Exports increased to all main destinations: East Asia (13.5 percent), ASEAN countries (14.3 percent) and the European Union (4.2 percent).

Imports increased 9.6 percent year-on-year to USD 5.42 billion in March. Higher purchases were recorded for transport equipment (56.5 percent); plastics in primary and non-primary forms (53.8 percent); mineral fuels, lubricants and related materials (+23.3 percent); miscellaneous manufactured articles (21.0 percent); other food and live animals (16.0 percent); and organic and inorganic chemicals (14.1 percent). Imports of electronic products (accounting for 22.1 percent share of total imports) declined 4.3 percent.

Considering the first three months of 2014, exports increased 6.5 percent over a year earlier and imports rose 12 percent. The trade deficit amounted to USD 1.85 billion in the first quarter, compared to a USD 1.94 billion gap in the same period last year. 

Philippines Trade Deficit Narrows in March

National Statistics Office | Isabel Felino |
5/27/2014 11:23:52 AM