The increase in total trade can be attributed to the 6.1 percent positive growth of exports to $4.408 billion from $4.156 billion in the same month a year ago. Also, total imports expanded by 4.3 percent to $5.240 billion from $5.024 billion in October 2011. Thus, the balance of trade in goods for the Philippines in October 2012 registered a deficit of $832 million from $869 million deficit in the same period last year.
Japan represented 16.6 percent share of the total exports for October 2012 and emerged as the country’s top destination of exports with revenue amounting to $730.71 million. The export items to Japan consist mainly of woodcrafts furniture, bananas and components/devices (semiconductors).Hong Kong with 14.7 percent share to total exports followed as the second top market of the country for October 2012 with export earnings worth $646.93 million. The United States accounting for 13.2 percent share to total exports came in third with shipments amounting to $583.56 million.
The United States was Philippine’s biggest source of imports in October 2012 with 11.5 percent share. Payments were recorded at $603.96 million, an increase of 22.3 percent from $493.70 million in October 2011. The increase in the inward purchases from USA includes imported commodities like components/devices (semiconductors) and cereals and cereal preparations specifically wheat. China was the second top source of imports with 11.3 percent share to the total import bill amounting to $589.97 million, higher by 23.3 percent from $478.43 million in October 2011.