Philippines Trade Deficit Largest in 5 Months
The Philippine's trade deficit widened to USD 3.70 billion in May of 2018 from USD 2.51 billion in the same month a year earlier. It is the largest trade gap since last December, as export fell while imports surged.
Imports increased 11.4 percent year-on-year to USD 9.46 billion, after an upwardly revised 23.1 percent gain in April. Purchases grew for : mineral fuels, lubricants and related materials (41.6); iron and steel (31.4 percent); miscellaneous manufactured articles (26.9 percent); telecommunication equipment and electrical machinery (14.8 percent); electronic products (16.1 percent); plastics in primary and non-primary forms (9.6 percent); metal products (8.7 percent), other food and live animals (7.8 percent), industrial machinery and equipment (7.6 percent). By contrast, imports fell for transport equipment (-1.6 percent). Imports increased from : : South Korea (42.4 percent); the ASEAN countries (5.1 percent). Purchases from China, the Philippine’s biggest source of purchases, also rose by 18.8 percent. In contrast, imports dropped from the EU countries (-14.1 percent); the US (-5.2 percent), and Japan (-5.6 percent).
7/10/2018 2:27:23 AM
Meanwhile, exports declined by 3.8 percent to USD 5.76 billion, following a downwardly revised 4.9 percent drop in the previous month. It is the fifth straight decline in outbound shipment, as sales fell for: ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-40.8 percent); other mineral products (-29.5 percent), and electronics equipment part (-8.6 percent). On the other hand, exports rose for: metal components (80.9 percent); machinery and transport equipment (29.9 percent); machinery and transport equipment (24.9 percent); cathodes and sections of cathodes, of refined copper (23.5 percent); other manufactured goods (7 percent); gold (4.4 percent), and banana (1.6 percent). Sales of electronic products, the country’s top exports, also grew 2.3 percent.
Among major trading partners, exports dropped to Japan (-25.8 percent); and the ASEAN countries (-0.1 percent). On the other hand, sales rose to China (8.9 percent); the US (6.6%); Hong Kong (13.8 percent), and the EU countries (2.9 percent).
Considering January to May, the trade deficit rose to USD 15.77 billion from USD 10.16 billion in the same period of 2017, as imports went up 10.9 percent to USD 42.68 billion while exports dropped 5 percent to USD 26.91 billion.