Philippines Trade Deficit Narrows in August Over a Year Earlier

In August of 2013, Philippines’ trade deficit narrowed to USD 961 million, from USD 1374 million a year earlier. Although exports recorded its fastest growth for the year, imports increased at their best pace in more than two years.

Export earnings amounted to USD 4.58 billion, a 20.2 percent increase over a year earlier, but a 5.3 percent drop over July. Annual growth was mainly due to higher sales of petroleum products, other minerals products, bananas (fresh), chemicals, woodcrafts and furniture, other manufactures and ignition wiring set and other wiring set used in vehicles, aircrafts and ships.

After showing the first annual increase in July, shipments of electronic products contracted again in August by 0.4 percent and exports of manufactured goods increased 8.7 percent.

Shipments to Japan, the US, China and Hong Kong showed annual increases (67 percent, 15.2 percent, 26.1 percent and 13.5 percent, respectively). 

Imports amounted to USD 5.54 billion, up by 6.9 percent over August of 2012 and by 1 percent compared to the previous month. The increase was led by higher imports of metalliferous ores and metal scrap; transport equipment; mineral fuels, lubricants and related materials; telecommunication equipment and electrical machinery; plastics in primary and non-primary forms; iron and steel; industrial machinery and equipment.

Philippines Trade Deficit Narrows in August Over a Year Earlier

National Statistics Office | Joana Taborda |
10/25/2013 9:47:47 AM