Philippines Trade Deficit Widens in April

Philippines trade gap increased to USD 743 million in April of 2014 from a USD 647 million deficit a year earlier. Exports grew a meager 0.8 percent year-on-year while imports rose at a faster 3 percent.
National Statistics Office l Rida l 6/25/2014 10:31:12 AM
Total export earnings in April 2014 amounted to $4.544 billion, a 0.8 percent growth from $4.506 billion in April of 2013. Shipment of other manufactures, metal components, chemical and electronic products fell respectively by 12.2 percent, 4.3 percent, 3.9 percent and 2.5 percent on the month. Better sales were recorded for processed food and beverages (110.1 percent yoy), other mineral products (30.9 percent), machinery and transport equipment (18.1 percent), ignition wiring set and other wiring set used in vehicles, aircrafts and ships (9.7 percent) and articles of apparel and clothing accessories (4 percent). 

While exports to Japan decreased by 5.5 percent yoy in April of 2014, shipments to the US increased by 7.2 percent. Stable export growth was recorded for East Asia while shipments to ASEAN countries and the European Union fell slightly by 0.1 percent and 1.31 percent, respectively. 

Imports increased 3 percent year-on-year to $5.309 billion in April. Higher purchases were recorded for plastics in primary and non-primary forms (50.7 percent); iron and steel (19.4 percent); telecommunication equipment and electrical machinery (13.6 percent); mineral fuels, lubricants and related materials (11.5 percent) and organis and inorganic chemical (6 percent). Import of transport equipment (accounted for almost 10 percent) declined 12 percent and industrial machinery and equipment (accounted for almost 5 percent) decreased 9.9 percent.

The main source of imports in April was China, which accounted for 16 percent of total overseas purchases. Imports from China rose 20 percent on year to $833.5 million.

Total exports for January to April 2014 registered a 5.4 percent increase to $18.859 billion in 2014 from $17.894 billion in same period of 2013. Cumulative inbound shipment for the first four months of 2014 amounted to $21.530 billion and showed a 9.9 percent increase compared with $19.590 billion in the same period of last year.

Philippines Trade Deficit Widens in April