Philippines Trade Balance Back to Surplus in May
Philippines trade balance swung to a USD 718.14 million surplus in May of 2014 from a USD 743 million deficit in the previous month, the first black in the last seven months. Exports grew 6.9 percent year-on-year while imports fell 9.6 percent.
7/25/2014 12:04:59 PM
In the same month last year, the country posted a USD 141 million deficit.
Exports in May amounted to USD 5.483 billion. Higher sales were recorded for other mineral products (107 percent year on year); coconut oil (44.7 percent); other manufactures (40.6 percent); metal components (19.2 percent); machinery and transport equipment (14.2 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (7.6 percent) and articles of apparel and clothing accessories (6.3 percent).
Shipment to China, Hong Kong, USA, ASEAN Countries, Japan and Hong Kong all increased by 51.3 percent, 36.3 percent, 9.2 percent, 7.1 percent and 6.2 percent, respectively. Exports to China accounted for 17.5 percent of total sales while those to Japan accounted for 20.4 percent and to USA for 13.7 percent.
Imports decreased 9.6 percent year-on-year to USD 4.765 billion in May. Higher purchases were recorded for transport equipment (33.6 percent); plastics in primary and non-primary forms (18.0 percent); telecommunication equipment and electrical machinery (17.2 percent); other food and live animals (12.8 percent); miscellaneous manufactured articles (1.3 percent) and iron and steel (0.7 percent). Purchases of mineral fuel, lubricants and related materials, which accounted for 13.9 percent of total purchases, declined 43.6 percent. Imports of cereal and cereal preparations and industrial machinery and equipment also fell 12.7 percent and 9.2 percent, respectively.
Considering the January to May period, exports increased 5.8 percent over a year earlier and imports rose 5.9 percent. That brought the trade deficit to USD 1.97 billion, compared to a USD 1.84 billion gap in the same period last year.