Philippines Trade Deficit Narrows in 2013
In 2013, Philippines trade deficit decreased 23 percent to USD 7.73 billion, from USD 10.03 billion in the previous year, due to a 3.6 percent rise in sales. Considering the last month of 2013, the trade deficit narrowed to USD 695 million.
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In December of 2013, exports amounted to USD 4.6 billion, a 15.8 percent increase from USD 3.97 billion recorded in December of 2012. Growth was mainly driven by higher sales of electronic equipment and parts, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, electronic products, other minerals and woodcrafts and furniture. Sales of electronic products surged 26.1 percent over a year earlier, but fell 2 percent compare with the previous month.
Total imported goods decreased by 0.1 percent from USD 5.3 billion in December of 2012 to USD 5.29 billion for the same period in 2013. The negative growth resulted from the decrease in imports of feeding stuff for animals; electronic products; industrial machinery and equipment; iron and steel; and transport equipment.
Considering full 2013, exports rose 3.6 percent USD 53.978 billion from USD 52.1 billion in 2012. While sales of electronic products fell 3.97 percent compared with 2012, exports of mineral and agricultural products rose 46.21 percent and 15.13 percent, respectively.
Japan was the country’s top export partner, accounting for 21 percent of total sales and recording the highest growth rate (15.61 percent). The US and China follow as second and third highest export partner, accounting for 14.5 percent 12.2 percent respectively of total shipments.
Imports amounted to USD 61.713 billion and showed a 0.7 percent decrease compared with USD 62.129 billion in 2012.