Philippines Trade Gap Widens In December
Philippines posted a trade deficit of USD 2.57 billion in December of 2016, compared to a USD 1.59 billion gap a year earlier, as imports rose much more than exports.
2/10/2017 3:16:09 AM
Year-on-year, sales increased by 4.5 percent to USD 4.87 billion, following a 7.5 percent drop in November. Outbound shipments rose the most for coconut oil (146.5 percent), followed by other mineral products (104.5 percent), metal components (66.4 percent), chemicals (42.1 percent) and other manufactures (35.8 percent). In contrast, exports fell for: ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-37.8 percent), woodcrafts and furniture (19.2 percent), machinery and transport equipment (-12.9 percent) and articles of apparel and clothing accessories (-4.2 percent). Sales of electronic products, the country's top export revenues, also dropped by 2.8 percent.
Imports jumped 19.1 percent to USD 7.43 billion, compared to a 19.7 percent rise in the prior month. Purchases rose for most categories : transport equipment iron and steel (74.6 percent), power generating and specialized machinery (56.2 percent), telecommunication equipment and electrical machinery (37.2 percent), industrial machinery and equipment (36.8 percent), plastics in primary and non-primary forms (35.0 percent), iron and steel (19.2 percent), electronic products (18.9 percent) and miscellaneous manufactured articles (18.7 percent). In contrast, imports shrank for mineral fuels, lubricants and related materials (-18.7 percent) and other food and live animals (-1.8 percent). Purchases from China, the country’s biggest source of imports, went up 9.7 percent, followed by Japan (47.5 percent), the US (28.1 percent), Thailand (10.3 percent), South Korea (22.6 percent), the ASEAN countries (17.7 percent) and the EU countries (31.6 percent).
Exports to Japan, the country's top export destination increased by 2.8 percent, followed by those to Hong Kong (5.3 percent) and China (36.6 percent. In contrast, sales declined to the US (-6.7 percent), Singapore (-7.1 percent), the ASEAN countries (-5.0 percent) and the EU countries (-8.0 percent).
In November 2016, trade deficit also came in at USD 2.57 billion.
From January to December 2016, exports shrank 4.4 percent from the same period a year earlier to USD 56.23 billion while imports went up 14.2 percent to USD 81.16 billion. That brought the trade deficit during the period to USD 24.93 billion.