Philippines Trade Gap Largest in 3 Months
The Philippines posted a trade deficit of USD 2.41 billion in August of 2017, compared to a USD 2.13 billion gap in the same month a year earlier. It was the largest trade deficit since May, as exports rose less than imports.
In August, sales rose 9.3 percent year earlier to USD 5.51 billion, following an upwardly revised 11 percent rise in a month earlier. Outbound shipments rose for: gold (186.7 percent), machinery and transport equipment (75.0 percent), electronic equipment and parts (71.2 percent), metal components (22.6 percent), coconut oil (61.2 pecent), other manufactured goods (13.8 percent). Sales of electronic products, the country’s top exports, also went up by 3.5 percent. In contrast, sales fell for: other mineral produtcs (-19.0 percent), chemicals (-6.6 percent), ignition wiring set and other wiring set used in vehicles, and aircrafts and ships (-2.7 percent).
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Exports increased to Hong Kong (21.9 percent), the US (7.4 percent), the ASEAN Countries (13.9 percent), and the EU countries (31.3 percent). In contrast, sales declined to Japan (-13.6 percent), China (-0.4 percent), and Singapore (-15.8 percent)
Imports went up by 10.5 percent year-on-year to USD 7.92 billion, compared to a 3.2 percent fall in July. It was the first growth in inbound shipments in three months, driven by iron and steel (10.9 percent), electronic products (8.3 percent), industrial machinery and equipment (6.2 percent), metalliferous ores and metal scrap (718 percent), organic an inorganic chemiclas (27.6 percent), mineral fuels, lubricants and related materials (23.8 percent), telecommunication equipment and electrical machineray (11.3 percent), and transport equipment (2.2 percent). In contrast, imports went down for: miscelleneous manufactured articles (-16.2 percent).
Inbound shipment rose from Japan (9.6 percent), Indonesia (27.2 percent), South Korea (9.6 percent), the ASEAN countries (13.9 percent), and the EU countries (25.7 percent). Inbound shipments from China, the Philippines’s biggest source of imports, went down by 0.8 percent. Imports also fell from the US (-7.5 percent).
In July 2017, the trade deficit was downwardly revised to USD 1.62 billion.
Considering January to August 2017, the trade deficit was recorded at USD 17.05 billion, down slightly from a USD 17.50 billion gap in the same period the prior year. Exports in the period grew by 13.3 percent to USD 42.11 billion while imports went up 8.2 percent to USD 59.15 billion.