Philippines Trade Gap Narrows In January
Philippines posted a USD 2.31 billion trade deficit in January of 2017, compared to a USD 2.64 billion gap a year earlier, as exports rose more than imports.
Year-on-year sales increased by 22.5 percent to USD 5.13 billion in January of 2017, following an upwardly revised 6.3 percent rise in December 2016 and marking the fastest rise in three years. Outbound shipments rose for: articles of apparel and clothing accessories (270.1 percent), coconut oil (229.6 percent), chemicals (104.7 percent), metal components (66.3 percent), electronic equipment and parts (64.8 percent), other manufactures (58.8 percent), machinery an transports equipment (27.9 percent), and electronic products (10.4 percent). Sales of electronic products, the country's top export revenues, also increased by 10.4 percent. In contrast, exports fell for: woodcrafts and furniture (-24.7 percent) and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-5.0 percent).
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Exports to Hong Kong increased by 20.7 percent, followed by those China (23.6 percent, the US (21.2 percent), Singapore (16.8 percent), the ASEAN countries (19.3 percent) and the EU countries (82.5 percent). In contrast, sales to Japan, the country's top export destination decreased by 6.6 percent
Imports rose 9.1 percent year-on-year to USD 7.44 billion in January of 2017, compared to a downwardly revised.13.8 percent rise in December and reaching the slowest rise since October 2016. Purchases went up for: transport equipment iron and steel (79.7 percent), mineral fuels, lubricants and related materials (42.7 percent), cereals and cereal preparations (30.6 percent), miscellaneous manufactured articles (28.6 percent), telecommunication equipment and electrical machinery (24.0 percent), plastics in primary and non-primary forms (23.3 percent), other food and live animals (13.4 percent), and industrial machineray and equipment (11.1 percent). In contrast, imports shrank for electronic products (-16.2 percent) and transport equipment (-9.5 percent).
Purchases from China, the country’s biggest source of imports, went up 26.4 percent, followed by Japan (10.8 percent), South Korea (19.7 percent), the ASEAN countries (16.2 percent) and the EU countries (-27.2 percent). In contrast imports fell from the US (-6.9 percent).
In December 2016, trade deficit came in at USD 2.16 billion.