Philippines Trade Gap Widens Sharply in June
The Philippine's trade deficit widened sharply to USD 3.35 billion in June of 2018 from USD 1.59 billion in the same month a year earlier, as exports edged down while imports surged.
Imports jumped by 24.2 percent year-on-year to USD 9.05 billion, following an upwardly revised 12.6 percent rise in May. Purchases grew for: iron and steel (79.1 pct); cereal and cereal preparations (57.1 pct); electronic products (35.1 pct); mineral fuels, lubricants and related materials (32.5 pct); transport equipment (27.8 pct); miscellaneous manufactured articles (26.9 pct); plastics in primary and non-primary forms (23.5 pct); industrial machinery and equipment (22.1 pct); telecommunication equipment and electrical machinery (15.9 pct), and other food and live animals (0.1 pct). Inbound shipments went up from: South Korea (58.8 pct); the EU countries (34.3 pct); the ASEAN countries (15.4 pct), and the US (13.2 pct). Purchases from China, the Philippine’s biggest source of purchases, also rose by 44 percent. In contrast, imports dropped from Japan (-0.8 pct).
8/8/2018 2:15:00 AM
Meantime, exports edged down by 0.1 percent to USD 5.70 billion, after a downwardly revised 1.8 percent drop in the previous month. It marked the sixth straight fall in outbound shipments, as sales decreased for: other mineral products (-56.6%); chemicals (-34.3%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-23.7%), and banana (-2.4%). On the other hand, exports rose for: coconut oil (15.7%), metal components (14.8%); electronics equipment and parts (5.9 %); other manufactured goods (0.8%), and machinery and transport equipment (0.1%). Sales of electronic products, the country’s top exports, also grew 13.5 percent. Among major trading partners, exports dropped to Japan (-31.8%). Meantime, sales rose to Hong Kong (31.1 %); the US (19.4%); the ASEAN countries (18.1%), and China (14.5%).
Considering the first half of the year, the trade deficit rose to USD 19.11 billion from USD 11.75 billion in the same period of 2017, as imports went up 13.2 percent to USD 51.84 billion while exports dropped 3.8 percent to USD 32.73 billion.