Philippines Trade Gap Widens 23% YoY In May

The Philippines trade deficit increased to USD 2.75 billion in May of 2017, compared to a USD 2.24 billion gap a year earlier, as exports rose less than imports.

In May, sales increased by 13.7 percent year-on-year to USD 5.49 billion, following an upwardly revised 19.1 percent rise in a month earlier and marking the sixth straight month of growth. Outbound shipments rose for most categories: cathodes and sections of cathodes, of refined copper (293.78 percent), coconut oil (62.50 percent), other mineral products (47.50 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (23.89 percent), metal components (21.69 percent) and machinery and transport equipment (2.61 percent). Sales of electronic products, the country’s top exports, alsowent up by 17.81 percent. In contrast, sales fell for: woodcrafts and furniture (-25.60 percent), other manufactures (-4.60 percent) and chemicals (-0.01 percent).

Exports rose to Hong Kong (32.7 percent), the US (7.1 percent), Singapore (31.9 percent), China (17.7 percent), the ASEAN countries (25.6 percent) and the EU countries (38.5 percent). In contrast, sales declined by 9.4 percent to Japan.

Imports went up 16.6 percent to USD 8.24 billion, compared to a 0.1 percent fall in the prior month. Purchases rose for: metal products (44.0 percent), transport equipment (37.9 percent), iron and steel (35.2 percent), mineral fuels, lubricants and related materials (33.1 percent), miscellaneous manufactured articles (15.0 percent), electronic products (12.9 percent) and telecommunication equipment and electrical machinery (11.9 percent). In contrast, inbound shipments declined for: other food and live animals (-14.2 percent), plastics in primary and non-primary forms (-2.3 percent) and industrial machinery and equipment (-0.1 percent). Inbound shipments from China, the Philippines’s biggest source of imports, increased by 10.0 percent. Imports also rose from Japan (21.4 percent), the US (9.0 percent), Thailand (0.7 percent), South Korea (43.4 percent), the ASEAN countries (25.6 percent) and the EU countries (38.5 percent).  

In April 2017, the trade deficit was downwardly revised to USD 1.75 billion.

Philippines Trade Gap Widens 23% YoY In May

PSA l Rida Husna |
7/11/2017 5:03:44 AM