Philippines Trade Deficit Narrows in August

Philippines trade gap sharply decreased to USD 16.6 million in August of 2014 from a USD 608 million deficit a year earlier, and far below market forecasts. Exports grew 10.5 percent, while imports declined 1.7 percent. In July of 2014, the country recorded a USD 33 million trade deficit.
National Statistics Office l Rida l rida@tradingeconomics.com 10/24/2014 11:00:15 AM
In August of 2014, exports amounted to USD 5.47 billion, increasing 10.5 percent compared with the same month of 2013. Higher sales were recorded for  articles of apparel and clothing accessories (+86.0 percent), machinery & transport equipment (+84.9 percent); ignition wiring set and other wiring sets used in vehicles; aircrafts and ships (83.9 percent); other mineral products (65.7 percent); metal components (+26.3 percent) and chemical (+16.8 percent). Sales of electronic products, accounting for 41.6 percent of total exports, rose 10.0 percent and remained as the country's top exports earner. Exports increased to China (+58.4 percent), the US (+33.2 percent), Hong Kong (+30.5 percent), the East Asia countries (+7.9 percent), the ASEAN countries (+3.5 percent) and Singapore (+2.8 percent). In contrast, sales to Japan, the Philippines's top destination of exports, decreased by 15.3 percent and those to the EU countries fell by 2.5 percent.

Imports decreased 1.3 percent year-on-year to USD 5.49 billion. Lower purchases were recorded for electronic products (-15.4 percent), accounting for 20.7 percent of total imports, and mineral fuels, lubricants and related materials (-2.6 percent), accounting for 23.0 percent.

China was the primary source of imports in August with inbound shipments from the country rose 8.9 percent year-on-year. Imports from the United States, accounting for 7.8 percent of the total, dropped 18.2 percent.

Philippines Trade Deficit Narrows in August