Philippines Trade Gap Narrows to 6-Month Low in September
Philippines reported a trade deficit of USD 1.89 billion in September of 2016, compared to a USD 1.30 billion gap a year earlier. It was the smallest trade gap since March, mainly due to a rebound in exports.
In September, sales rise 5.1 percent year-on-year to USD 5.21 billion, following a 3.0 percent fall in August. It was the first growth since March 2015, mainly driven by other mineral products (+97.5 percent), electronic equipment (+66.3 percent) and metal components (+18.2 percent). Sales of electronic products, the country's top export revenues, also went up 3.6 percent. In contrast, exports fell for: woodcrafts and furniture (-7.1 percent) and macchinery and transport equipment (-3.0 percent).
Outbound shipments to Japan, the country's top export destination, rose 2.9 percent to USD 1.12 billion. Those to China also increased by 32.8 percent to USD 633.36 million, followed by the US (+1.5 percent to USD 737.30 million), the ASEAN countries (+13.1 percent to USD 748.63 million) and the EU countries (+17.4 percent to USD 690.62 million). In contrast, exports fell to Hong Kong (-6.5 percent to USD 590.94 million).
Imports rose 13.5 percent to USD 7.10 billion, compared to a 12.2 percent rise in the preceding month. It was the highest rise since June, as purchases rose for most categories, including: cereals and cereal preparations (+61.8 percent), iron and steel (+56.1 percent), plastics in primary and non-primary forms (+51.8 percent) and other food and live animals (+44.8 percent). In contrast, imports of electronic products fell 10.1 percent. Purchases increased from: China (+52.3 percent to USD 1.40 billion), Japan (+28.5 percent to USD 857.53 million) and the ASEAN countries (+25.8 percent to USD 1.91 billion). In contrast, imports declined from the US (-8.2 percent to USD 644.92 million) and the EU countries (-19.9 percent to USD 505.12 million).
In August 2016, trade deficit was marginally revised at USD 1.95 billion.
From January to September 2016, exports shrank 6.2 percent from the same period a year earlier to USD 41.70 billion while imports grew by 14.0 percent to USD 52.19 billion. That brought the trade deficit during the period at USD 17.81 billion, widening from a USD 7.73 billion gap in the prior year.
11/10/2016 3:47:20 AM