Philippines Trade Deficit Narrows in September
The Philippines posted a trade deficit of USD 1.91 billion in September of 2017, compared to a USD 2.02 billion gap in the same month a year earlier.
In September, sales rose 4.3 percent year earlier to USD 5.59 billion, following a downwardly revised 9.3 percent rise in a month earlier. Outbound shipments rose for: gold (171.3 percent); machinery and transport equipment (34.9 percent); metal components (8.2 percent); coconut oil (63.8 pecent), and other manufactured goods (6.9 percent). Sales of electronic products, the country’s top exports, also went up by 6.6 percent. In contrast, sales fell for: other mineral produtcs (-25.2 percent), chemicals (-2 8. 6percent); ignition wiring set and other wiring set used in vehicles, and aircrafts and ships (-17.4 percent).
Exports increased to Hong Kong (29 percent); the USA (4.9 percent); the EU (40 percent), and the ASEAN Countries (7.6 percent). In contrast, sales declined to Japan (-32.1 percent), China (-0.5 percent), and Singapore (-5.2 percent)
Imports went up by 1.7 percent year-on-year to USD 7.51 billion, compared to a downwardly 10.4 percent rise in August. It was the second straight month growth in inbound shipments, driven by iron and steel (25.8 percent); mineral fuels, lubricants and related materials (40.4 percent); telecommunication equipment and electrical machineray (7.8 percent), and cereal and cereal preparations (5 percent). In contrast, imports went down for: miscelleneous manufactured articles (-6.8 percent); plastics in primary and non-primary forms (-12.8 percent); transports equipment (-8.9 percent); industrial macinery and equipment (-6 percent); electronic products (-5.7 percent), and other food and live animals (-2.6 percent).
Inbound shipment rose from South Korea (52.9 percent). In contrast, inbound shipment fell from Japan (-8.1 percent); Thailand (-8.2 percent); the ASEAN countries (-2.3 percent), and the US (-18.3 percent). Also, inbound shipments from China, the Philippines’s biggest source of imports, went down by 7.3 percent.
In August 2017, the trade deficit was downwardly revised to USD 2.39 billion.
Considering January to September 2017, the trade deficit was recorded at USD 18.94 billion, down slightly from a USD 19.52 billion gap in the same period the prior year. Exports in the period grew by 12.2 percent to USD 47.71 billion while imports went up 7.4 percent to USD 66.67 billion.
11/10/2017 5:24:37 AM