Philippines Trade Deficit Largest on Record in October


The Philippines posted a trade deficit of USD 2.84 billion in October of 2017, compared to a USD 2.22 billion gap in the same month a year earlier.

In October, sales rose 6.6 percent year earlier to USD 5.37 billion, following an upwardly revised 4.9 percent rise in a month earlier. Outbound shipments rose for: gold (297 percent); electronic equipment and parts (43.3 pct); metal components (21.9 percent); bananas (20.8 pct), and other mineral products (19.6 percent). Sales of electronic products, the country’s top exports, also went up by 13.8 percent. In contrast, sales fell for: machinery and transport equipment (-27.4 percent); coconut oil (-26.8 pecent); ignition wiring set and other wiring sets used (-8.1 percent), and other manufactured goods (-6.2 percent).
 
Exports increased to Hong Kong (39.5 percent); the EU (23.4 percent); the ASEAN Countries (11.8 percent); China (6.5 percent), and Singapore (6 percent). In contrast, sales declined to Japan (-13. 1 percent) and the USA (-3.1 percent). 
 
Imports surged by 13.1 percent year-on-year to USD 8.21 billion, compared to an upwardly 4.4 percent rise in September. It was the third straight month growth in inbound shipments, driven by mineral fuels, lubricant (15.9 percent), telecommunication equipment and electrical machinery (13.1 percent); iron and steel (57.3 percent); electronic products (23.3 percent), and organic and inorganic chemicals (40.4 percent). In contrast, imports fell for transport equipment (-12.3 percent); industrial machinery and equipment (-7.9 percent); other food and live animals (-0.2 percent), and plastics in primary and non-primary forms (-0.1 percent).

Inbound shipment went up from South Korea (30.1 percent); China (30.5 percent); the US (0.3 percent); Japan (5 percent), the ASEAN countries (19.3 percent), and Indonesia (50.7 percent). 
 
In September 2017, the trade deficit was an upwardly revised to USD 2.08 billion.
 
Considering January to October 2017, the trade deficit was recorded at USD 21.95 billion, up slightly from a USD 21.74 billion gap in the same period the prior year. Exports in the period grew by 11 percent to USD 53.11 billion while imports went up 8.3 percent to USD 75.06 billion.
 
 

Philippines Trade Deficit Largest on Record in October


National Statistics Office of Philippines l Chusnul Ch Manan | chusnul@tradingeconomics.com
12/12/2017 4:30:40 AM