Philippines Trade Deficit Narrows in June

In June of 2013, Philippines’ trade deficit decreased to USD 369 million, from USD 789 million a year earlier. While the annual drop in imports doubled to 4.8 percent from 2.4 percent in the previous month, exports increased 4.1 percent.
National Statistics Office | Joana Taborda | 8/27/2013 10:04:04 AM
In June of 2013, export earnings amounted to USD 4.49 billion, a 4.1 percent increase from USD 4.31 billion recorded in the same month last year. Shipments of woodcrafts and furniture, other mineral products, metal components and other electronics increased. In contrast, on a monthly basis, exports dropped by 8.2 percent.

Shipments of electronic products (44.7 percent share of total exports) went down by 2.2 percent over a year earlier.  On the other hand, month-on-month, exports of electronic products went up by 15.6 percent.

Shipments to Japan and China showed annual increases (39.7 percent and 14.8 percent, respectively). In contrast, exports to the United States and Singapore decreased 6.1 percent and 1 percent, respectively.  

Total imports went down by 4.8 percent to USD 4.86 billion in June of 2013 from USD 5.10 billion in June of 2012, due to an overall decrease in imports of transport equipment; electronic products; cereals; telecommunication equipment and electrical machinery; iron and steel; and plastics. Imports of electronic products (22.6 percent of total imports) declined 24.8 percent year-on-year. On a monthly basis, imports decreased 7.6 percent.

Imports from the United States decreased the most (-44.7 percent) from last year’s figure, while imports from China showed the highest annual increase (25.8 percent), due to the purchases telecommunication equipment and electrical machinery and other mineral fuels and lubricants.

Philippines Trade Deficit Narrows in June