Philippines Trade Deficit Largest on Record in November
The Philippines posted a trade deficit of USD 3.78 billion in November of 2017, compared to a USD 2.49 billion gap in the same month a year earlier.
In November, sales rose 1.6 percent year earlier to USD 4.96 billion, following an upwardly revised 7.1 percent rise in a month earlier. Outbound shipments rose for: gold (136.7 percent); electronic equipment and parts (47.5 percent); metal components (25.4 percent); cathodes and sections of cathodes, of refined copper (418.6 percent); miscellaneous manufactured articles, n.e.s (14.8 percent). Sales of electronic products, the country’s top exports, also went up by 12.78 percent. In contrast, sales fell for: machinery and transport equipment (-33.7 percent); coconut oil (-8 pecent); ignition wiring set and other wiring sets used in vehicles, aircrfats and ships (-0.1 percent), and other manufactured goods (-26.8 percent).
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Exports increased to Hong Kong (24 percent); the EU (23.4 percent); the ASEAN Countries (17.9 percent) mainly Singapore (4.5 percent); the EU countries (12 pct), and the USA (0.9 percent). In contrast, sales declined to Japan (-17.5 percent) and China (-3.8 percent).
Imports surged by 18.5 percent year-on-year to USD 8.74 billion, compared to a 13.1 percent rise in October. It was the fourth straight monthly growth in inbound shipments, driven by mineral fuels, lubricant (38.6 percent); telecommunication equipment and electrical machinery (32.8 percent); iron and steel (26.4 percent); electronic products (23.4 percent); organic and inorganic chemicals (44.9 percent); miscellaneous manufactured articles (29.6 pct), and transport equipment (6 percent). In contrast, imports fell for industrial machinery and equipment (-1.2 percent); other food and live animals (-4 percent), and plastics in primary and non-primary forms (-2.2 percent).
Inbound shipment went up from South Korea (101.3 percent); China (14 percent); Japan (16.5 percent), the ASEAN Countries (19.3 percent) mainly Thailand (10.7 percent). In contrast, imports declined from the US (-4.4 percent)
In October 2017, the trade deficit was a marginally revised to USD 2.82 billion.
Considering January to November 2017, the trade deficit was recorded at USD 25.71 billion, up from a USD 24.23 billion gap in the same period the prior year. Exports in the period grew by 10.8 percent to USD 58.10 billion while imports went up 9.3 percent to USD 83.80 billion.