Philippines Posts Trade Surplus in March

Philippines reported a trade surplus of USD 264.1 million in March of 2015, swinging from a USD 217.3 million gap a year earlier as exports grew while imports declined.
National Statistics Office l Rida Husna l 5/26/2015 4:09:36 AM
In March, exports increased by 2.1 percent year-on-year to USD 5.38 billion. Sales of coconut oil rose the most by 141.1 percent. Outbond shipments also increased for: machinery and transport equipment, the second top exports earner in March 2015, (+42.2 percent), chemicals (+39.7 percent), metal components (+23.8 percent), other mineral products (+23.2 percent) and articles of apparel and clothing accessories (+15.3 percent). Sales of electronic products, the country's top exports, also rose by 4.5 percent. Among the major groups of electronic products, components/devices (semiconductors) grew by 6.1 percent from a year earlier. In contrast, exports declined for: woodcrafts and furniture (-29.8 percent); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-29.3 percent) and other manufactures (-19.2 percent).

Outbond shipments grew to: the US (+23.2 percent to USD 879.54 million, representing a 16.4 percent of total exports), China (+4.8 percent to USD 583.52 million, 10.9 percent share), Hong Kong (+23.8 percent to USD 511.15 million, 9.5 percent share) and the EU countries (+13.3 percent to USD 695.39 million, 12.9 percent share). In contrast, sales to Japan, the country's top destination of exports, fell by 15.6 percent to USD 1.12 billion. Exports also declined to the ASEAN countries (-13.5 percent to USD 703.93 million, 13.1 percent share) and Singapore (-20.4 percent to USD 312.88 million, 5.8 percent share).

Imports declined by 6.8 percent to USD 5.11 billion. Purchases fell the most for mineral fuels, lubricants and related material (-47.3 percent) and plastics in primary and non-primary forms (-16.9 percent). In contrast, inbound shipments increased for: cereals and cereal preparation (+135.9 percent), feeding stuff for animals (not including unmilled cereals (+48.2 percent), medicinal and pharmaceutical products (+13.4 percent), transport equipment (+8.4 percent), electronic products (+5.4 percent), organic and inorganic chemicals (+5.3 percent), industrial machinery and equipment (+4.2 percent) and other food and live animals (+2.1 percent).

Purchases from China, the biggest source of imports, declined by 27.2 percent to USD 614.70 million. Imports also fell from: South Korea (-39.9 percent to USD 392.78 million, 7.7 percent share) and Singapore (-16.9 percent to USD 361.69 million, 7.1 percent share). In contrast, purchases increased from: the US (+30.8 percent to USD 547.34 million, 10.7 percent share), Japan (+10.5 percent to USD 445.20 million, 8.7 percent share), the ASEAN countries (+2.2 percent to USD 1.26 billion, 24.5 percent share) and the EU countries (+2.8 percent to USD 740.13 million).

 In February 2015, the country registered a revised USD 837 million trade deficit.

Philippines Posts Trade Surplus in March