Philippines Trade Deficit Narrows in April


Philippines reported a trade deficit of USD 300.92 million in April of 2015, down from a USD 802.32 million gap a year earlier as imports fell more than exports.

In April, exports declined by 4.1 percent year-on-year to USD 4.38 billion. Sales of other mineral products fell the most by 36.8 percent, followed by other manufactures (-26.7 percent); woodcrafts and furniture (-23.9 percent); metal components (-14.5 percent); chemicals (-10.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-7.9 percent) and articles of apparel and clothing accessories (-4.9 percent). Outbond shipments of machinery and transport equipment, the second top export earners in April 2015, also declined by 4.9 percent. In contrast, exports increased for coconut oil (+30.3 percent) and electronic products (+17.8 percent). Among the major groups of electronic products, the country's top export revenues, components/devices (semiconductors) grew by 26.7 percent from a year earlier.
 
Outbond shipments to the country’s main trading partners mostly declined. Those to the US, representing a 16.0 percent of total exports, dropped by 5.4 percent to USD700.21 million, followed by China (-17.9 percent to USD467.67 million, 10.7 percent share), Singapore (-33.2 percent to USD260.16 million, 5.9 percent share) and the ASEAN countries (-24.4 percent to USD594.95 million, 15.9 percent share). Sales to Japan, the country's top destination of exports, also fell by 16.1 percent to USD784.90 million. In contrast, exports increased to Hong Kong (+22.8 percent to USD451.07 million, 10.3 percent share) and the EU countries (+18.7 percent to USD2.1 billion.

Imports fell by 12.8 percent to USD 4.68 billion, the largest drop since February this year. Purchases fell the most for mineral fuels, lubricants and related material (-53.9 percent), followed by plastics in primary and non-primary forms (-26.1 percent), iron and steel (-23.9 percent), transport equipment (-16.0 percent) and electronic products (-5.1 percent). In contrast, inbound shipments increased for: cereals and cereal preparation (+118.7 percent), power generating and specialised machinery (+54.3 percent), other food and live animals (+27.4 percent), miscellaneous manufactured articles (+19.6 percent) and industrial machinery and equipment (+9.9 percent).

Purchases from China, the biggest source of imports, declined by 11.0 percent to USD 749.85 million. Imports also fell from: Japan (-13.5 percent to USD 353.69 million, 7.6 percent share) and the EU countries (-16.4 percent to USD 574.07 million). In contrast, purchases increased from: the US (+6.0 percent to USD 404.84 million, 8.7 percent share), Singapore (+11.2 percent to USD 388.91 million, 8.3 percent share) and the ASEAN countries (+6.5 percent to USD 1.22 billion, 26.0 percent share).
In March 2015, the country registered a USD 264 million trade surplus.



Philippines Trade Deficit Narrows in April


National Statistics Office l Rida Husna l rida@tradingeconomics.com
6/25/2015 9:55:11 AM