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.

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

National Statistics Office l Rida l
10/24/2014 11:00:15 AM