Philippines Trade Deficit Narrows In April


Philippines trade deficit narrowed to USD 2.05 billion in April of 2017, compared to a USD 2.58 billion gap a year earlier, as exports rose while imports fell.

In April, sales increased by 12.1 percent to USD 4.81 billion, following a downwardly revised 18.1 percent rise in March. Outbound shipments rose the most for other mineral products (199.7 percent), coconut oil (59.8 percent), machinery and transport equipment (50.5 percent). Exports also went up for : metal components (27.9 percent), other manufactures (11.7 percent), electronic products (6.8 percent), and chemicals (5.8 percent). In contrast exports fell for : ignition wiring set and other wiring sets used in vehicles, aircraft and ships (-3.7 percent). Sales of electronic products, the country’s top exports, increased by 6.8 percent.
 
Exports rose to Hong Kong (36.8 percent), China (26.4 percent), the EU countries (36 percent), and the ASEAN countries (6.1 percent). In contrast, sales declined to the US (-6.7percent), Japan (-16.6 percent), and Singapore (-14.5 percent).
 
Imports to Philippines edged down 0.1 percent to USD 6.86 billion, compared to a downwardly revised 18 percent growth in a month earlier. Purchases decreased for: mineral fuels, lubricants and related materials (-2 percent), miscellaneous manufactured articles (-12.3 percent), industrial machinery and equipment (-5.1 percent), plastics in primary and non-primary forms (-12.2 percent), electronic products (-0.2 percent), other food and live animals (-24.3 percent), telecommunication equipment and electrical machinery (-3.9 percent). In contrast, inbound shipments rose for metalliferous ores and metal scrap (3,554.8 percent), iron and steel (27.8 percent), and transport equipment (2.4 percent).

In March 2017, trade balance was recorded USD 2.30 billion deficit.
 
 

Philippines Trade Deficit Narrows In April


PSA l Chusnul Ch Manan | chusnul@tradingeconomics.com
6/9/2017 3:15:03 AM