Philippines Reports Trade Surplus in June
Philippines reported a trade surplus of USD 731.33 million in June of 2014 compared to a USD 399 million deficit a year earlier, as exports surged 21.3 percent and imports fell 3.6 percent. In May, the country posted a USD 718.14 million surplus, the first trade surplus since November of 2013.
8/26/2014 4:40:28 PM
In June, exports amounted to USD 5.44 billion as compared to a revised USD 4.49 billion in the same month last year. Electronic Products shipments increased by 10.7 percent and remained the top exports, accounting for 40.8 percent of the total exports revenue. By major groups of electronic products, Components/Devices (Semiconductors) rose by 14.5 percent, comprising 27.6 percent of the total exports. Higher sales were recorded for machinery and transport equipment (120.4 percent yoy); fresh bananas (98.9 percent); other mineral products (74.2 percent); other manufactures (67.8 percent); articles of apparel and clothing accessories (44.5 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (32.5 percent).
By country, sales to China and Hong Kong rose by 40 percent and 26.1 percent respectively and accounted for 24.8 percent of total exports revenues. Shipments to Japan decreased by 3 percent but the country remained the top destination of exports with 17.6 percent share. Sales to the United States grew by 18.7 percent (13.8 percent of total share) and Singapore declined by 2.8 percent (6.9 percent of total share).
In June, imports amounted to USD 4.71 billion as compared to a revised USD 4.89 billion a year ago. Higher purchases were recorded for iron and steel (22.7 percent); plastic in primary and non-primary forms (21.8 percent); cereal and cereal preparations (21.2 percent); transport equipment (13.9 percent); telecommunication equipment and electrical machinery (11.8 percent)and mineral fuels, lubricant and related materials (9.4 percent). Imports of industrial machinery and equipment, which accounts for 4.5 percent of total imports, dropped the most by 32.9 percent, followed by electronic products by 22.0 percent.
During the first half of 2014, exports increased 8.3 percent over a year earlier to USD 29.80 billion and imports rose 5.4 percent to USD 31.34 billion. That brought the trade deficit from January to June of 2014 to USD 1.53 billion, compared to a USD 2.23 billion gap in the same period last year.