Philippines Trade Deficit Widens in August

Philippines reported a trade deficit of USD 2.02 billion in August of 2016, compared to a USD 1.05 billion gap a year earlier as exports fell while imports rose.

Year-on-year, sales declined by 4.4 percent to USD 4.90 billion, following a 13.0 percent fall in July. It was the 17th straight month of decline, driven by machinery and transport equipment (-52.5 percent), metal components (-25.9 percent), chemicals (-16.2 percent), articles of apparel and clothing accessories (-11.3 percent), other manufactures (-9.3 percent), woodcrafts and furniture (-8.8 percent) and coconut oils (-6.9 percent). In contrast, exports went up for: ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (+12.9 percent) and other mineral products (+2.3 percent). Sales of electronic products, the country's top export revenues, also increased by 11.6 percent.

Sales to Japan, the country's top export destination fell by 5.1 percent. Those to the US also dropped by 4.7 percent, followed by Singapore (-3.1 percent), the ASEAN countries (-4.9 percent) and the EU countries (-9.4 percent). In contrast, exports rose to China (+2.2 percent) and Hong Kong (+22.4 percent).

Imports increased by 12.2 percent to USD 6.93 billion, following a 1.7 percent drop in the preceding month. Purchases increased from all of the country's main trading partners: China (+28.0 percent to USD 1.30 billion), Japan (+24.1 percent to USD 807.84 mi llion), the US (+0.4 percent to USD 636.01 million), the ASEAN countries (+11.7 percent to USD 3.22 billion and the EU countries (+4.2 percent to USD 509.16 million).

In July 2016, trade deficit stood at USD 2.05 billion.

Philippines Trade Deficit Widens in August

PSA l Rida Husna |
10/11/2016 2:33:02 AM