Philippines Trade Deficit Widens in September

In September of 2013, Philippines’ trade deficit increased to USD 665 million, from USD 516 million a year earlier. While sales of electronic products surged 12.8 percent year-on-year, imports rose at a faster pace of 29.8 percent.

Exports amounted to 5.045 billion USD, a 4.9 percent growth from 4.811 billion USD a year earlier, boosted by higher sales of other mineral products; cathodes and sections of cathodes; other manufactures; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; metal components; electronic products; articles of apparel and clothing accessories; and chemicals. On a monthly basis, exports increased 10.1 percent. 

Shipments of electronic products rose 12.8 percent over a year earlier and 17.8 percent over August, due to higher sales of semiconductors. 

Although shipments to Japan went down by 23.3 percent year-on-year, the country remained the top export destination, accounting to 22.4 percent of total sales.
Exports to the US, China, Hong Kong and Singapore rose 26.1 percent, 23.2 percent, 42.6 percent and 1.3 percent, respectively. 

Imports of goods rose 7.2 percent year-on-year in September to 5.711 billion USD mainly due to higher purchases of  transport equipment; electronic products; other food and live animals; iron and steel; industrial machinery and equipment.  Similarly, on a monthly basis, imports increased by 3.0 percent.

Philippines Trade Deficit Widens in September

National Statistics Office | Joana Taborda |
11/26/2013 10:49:37 AM