Philippines Trade Gap Widens In February


Philippines registered a USD 1.73 billion trade deficit in February of 2017, compared to a USD 1.10 billion gap a year earlier, as exports rose less than imports.

In February, sales increased by 11.0 percent from a year earlier to USD 4.78 billion, following a 22.5 percent rise in January. Outbound shipments rose the most for cathodes and sections of cathodes, of refined copper (946.9 percent) and other mineral products (107.5 percent). Sales also went up for: coconut oil (66.5 percent), electronic equipment and parts (64.9 percent), metal components (29.4 percent), other manufactures (20.1 percent) and chemicals (9.6 percent). Sales of electronic products, the country's top export revenues, increased by 15.9 percent. In contrast, exports fell for: machinery and transport equipment (-16.8 percent) and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-13.9 percent).

Exports went up to the US (0.3 percent), Hong Kong (66.6 percent), China (24.7 percent), the ASEAN countries (18.8 percent) and the EU countries (7.9 percent). In contrast, sales declined to Japan (-22.5 percent) and Singapore (-0.2 percent).

Imports rose 20.3 percent  to USD 6.51 billion, compared to a 9.1 percent growth in a month earlier. Purchases increased for: mineral fuels, lubricants and related materials (97.3 percent), iron and steel (61.4 percent), cereals and cereal preparations (47.7 percent), plastics in primary and non-primary forms (26.1 percent), transport equipment (20.9 percent), electronic products (11.5 percent) and other food and live animals (4.6 percent). In contrast, inbound shipments fell for: miscellaneous manufactured articles (-3.2 percent), industrial machinery and equipment (-2.6 percent) and telecommunication equipment and electrical machinery (-0.3 percent).

In January 2017, trade deficit stood at USD 2.31 billion.

Philippines Trade Gap Widens In February


PSA l Rida Husna | rida@tradingeconomics.com
4/11/2017 7:02:43 AM