Philippines Trade Gap Widens Sharply in July
The Philippine's trade deficit widened sharply to USD 3.55 billion in July of 2018 from USD 1.31 billion in the same month a year earlier, mainly due to a surge in imports.
Imports jumped by 31.6 percent year-on-year to USD 9.40 billion, following a 24.2 percent rise in June. Purchases grew for: iron and steel (135.5 pct); transport equipment (61.1 pct); miscellaneous manufactured articles (45.4 pct); electronic products (43.2 pct); telecommunication equipment and electrical machinery (37.9 pct); mineral fuels, lubricants and related materials (35.8 pct); cereal and cereal preparations (35.7 pct); plastics in primary and non-primary forms (29.5 pct); industrial machinery and equipment (17.9 pct). By contrast inbound shipment fell for other food and live animals (-6.2 pct).
9/11/2018 2:10:48 AM
Inbound shipments went up from: South Korea (50.7 pct); the EU countries (78.9 pct); the ASEAN countries (20.5 pct); the US (21 pct), and Japan (16.4 pct). Purchases from China, the Philippine’s biggest source of purchases, also rose by 51.2 percent.
Meantime, exports edged up by 0.3 percent to USD 5.85 billion, after an upwardly revised 2.8 percent gain in the previous month. It marked the second straight increase in outbound shipments, as sales increased for: miscellaneous manufactured articles (80.2 pct); bananas (60.3 pct); electronics equipment and parts (43.3 pct); other mineral products (33.6 pct); metal components (8.7 pct). Sales of electronic products, the country’s top exports, also grew 5.2 percent. On the other hand, exports fell for: ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-18.8 pct); machinery and transports equipment (-14.4 pct); other manufactured goods (-7.3 pct), and cathodes and sections of cathodes, of refines copper (-0.1 pct).
Among major trading partners, exports rose to the US (7.4 pct); China (10.4 pct); Hong Kong (11.4 pct), and the ASEAN countries (13.5 pct). Meantime, sales declined to Japan (-18.6 pct).
Considering the first seven months of the year, the trade deficit surged to USD 22.49 billion from USD 13.06 billion in the same period of 2017, as imports went up 15.7 percent to USD 61.23 billion while exports dropped 2.8 percent to USD 38.74 billion.