Philippines Trade Deficit Largest in 6 Months in October

Philippines reported a trade deficit of USD 2.16 billion in October of 2016, compared to a USD 1.94 billion gap a year earlier. It was the largest trade gap since April, as exports grew less than imports.

In October, sales rise a 3.7 percent year on-year  to USD 4.76 billion following a 5.1 percent rise in September. It was the second straight month of growth, driven by coconut oil (+60.4 percent), metal components (+55.6 percent) and other mineral products (+23.9 percent). Sales of electronic products, the country's top export revenues, also went up 4.7 percent. In contrast, exports fell for: woodcrafts and furniture (-14.7 percent), machinery and transport equipment (-9.2 percent) and other manufactures (-7.8 percent). Outbound shipments to the US rose 8.9 percent. Those to China also increased by 34.1 percent, followed by Hong Kong (+9.1 percent to USD 541.57 million) and the ASEAN countries (+0.6 percent). In contrast, exports fell to the EU countries (-12.6 percent) and Singapore (-6.0 percent). Outbound shipments to Japan, the country's top export destination also dropped by 5.0 percent.

Imports  rose 5.9 percent year-on-year to USD 6.92 billion in October of 2016, compared to a 13.5 percent rise in the preceding month. Purchases rose for most categories, including: transport equipment (+55.0 percent), iron and steel (+33.6 percent) and miscellaneous manufactured articles (+26.8 percent). In contrast, imports of electronic products fell 17.2 percent, followed by telecommunication equipment and electrical machinery (-2.8 percent) and cereals and cereal preparations (-2.3 percent). Purchases increased from: China (+9.7 percent), Japan (+19.0 percent), Thailand (+4.3 percent), the ASEAN countries (+5.9 percent) and the EU countries (+12.0 percent). In contrast, imports declined from the US (-1.5 percent).

In September 2016, balance trade recorded deficit of 1.89 billion USD.

Philippines Trade Deficit Largest in 6 Months in October

Statistics of Philippines l Chusnul Ch Manan|
12/9/2016 3:28:16 AM