Philippines Trade Deficit Increases in July

In July of 2013, Philippines’ trade deficit widened to USD 649 million, from USD 320 million a year earlier. While exports grew for the second consecutive month and electronic shipments rose for the first time this year, imports increased at their best pace in seven months.

Export earnings amounted to USD 4.84 billion, a 2.3 percent increase over a year earlier and a 7.7 percent increment over the previous month. Growth was mainly due to higher sales of machinery and transport equipment, woodcrafts and furniture, chemicals, electronic products and cathodes and sections of cathodes of refine copper.

While shipments of electronic products showed the first annual increase this year (up by 11.2 percent yoy), exports of manufactured goods dropped by 5.4 percent.

Shipments to China, Japan and Hong Kong showed annual increases (27.7 percent, 24.2 percent and 12.5 percent respectively). In contrast, exports to Singapore and to the United States decreased 60.7 percent and 8.7 percent, respectively.

Imports amounted to USD 5.49 billion, up by 8.7 percent over July of 2012 and by 12.9 percent compared to the previous month. The increase was led by higher imports of iron and steel; electronic products; transport equipment; other food and live animals; telecommunication equipment and electrical machinery; and plastics in primary and non-primary forms.

Philippines Trade Deficit Increases in July

National Statistics Office | Joana Taborda |
9/25/2013 9:52:37 AM