Philippines Trade Balance Swings to Deficit in July
Philippines reported a trade deficit of USD 33 million in July of 2014 compared to a revised USD 635 million gap a year earlier, as exports grew 12.4 percent while imports remained unchanged. In June, the country posted a revised USD 625 million trade surplus.
9/25/2014 4:30:23 AM
In July, exports amounted to USD 5.46 billion as compared to a revised USD 4.85 billion in the same month last year. Sales of machinery & transport equipment increased by 193.5 percent and remained the top exports, accounting for 38.3 percent of total exports revenue. By major groups of electronic products, Components/Devices (Semiconductors) rose by 12.0 percent, comprising 26.5 percent of the total exports. Higher sales were also recorded for other mineral products (74.0 percent yoy); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (50.7 percent); articles of apparel and clothing accessories (44.9 percent); metal components (35.6 percent); coconut oil (10.7 percent); woodcraft and furniture (9.1 percent) and electronic products (2.7 percent). In contrast, exports of chemicals declined by 26.5 percent.
By country, exports to all destinations expanded. Sales to Hong Kong rose by 40.8 percent and accounted for 12.5 percent of total exports revenues. Outward shipments to Japan, the country's top destination of exports, increased by 24.4 percent and it comprised 22.2 percent of the total share. Exports to the US and China registered a 28.1 percent and a 1.7 percent rise respectively while those to Singapore rose by 7.8 percent.
In July, imports amounted to USD 5.49 billion as compared to relatively the same amount a year ago. Higher purchases were recorded for transport equipment (52.5 percent); miscellaneous manufactured articles (48.3 percent); plastic in primary and non-primary forms (22.9 percent); iron and steel (21.1 percent); mineral fuels, lubricants and related materials (20.4 percent); organic and inorganic chemicals (8.9 percent) and telecommunication and equipment electrical machinery (2.1 percent). Lower inbound shipments were seen for electronic products (-29.8 percent), accounting for 20.8 percent of total imports, and industrial machinery and equipment (-5.3 percent), contributing for 5 percent of the total share.
During January to July of 2014, exports increased 8.5 percent over a year earlier to USD 35.12 billion and imports rose 4.8 percent to USD 35.24 billion. That brought the trade deficit from January to July of 2014 to USD 1.67 billion, compared to a USD 2.87 billion gap in the same period last year.