Philippines Trade Gap Narrows 21.5% YoY in June

The Philippines posted a USD 2.15 billion in June of 2017, compared to a USD 2.74 billion gap in the same month a year earlier, as exports rose 0.8 percent from a year earlier while imports fell 2.5 percent.
PSA l Rida Husna | 8/10/2017 2:20:27 AM
In June, sales edged up 0.8 percent year-on-year to USD 4.91 billion, following a downwardly revised 9.2 percent rise in a month earlier. Outbound shipments rose for: electronic equipment and parts (28.6 percent), metal components (18.7 percent), ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (13.7 percent) and machinery and transport equipment (1.1 percent).  Sales of electronic products, the country’s top exports, also went up by 4.4 percent. In contrast, sales fell for: woodcrafts and furniture (-42.0 percent), other mineral products (-16.9 percent), chemicals (-5.0 percent), coconut oil (-4.5 percent) and other manufactures (-2.0 percent).

Exports increased to Hong Kong (12.6 percent), the ASEAN countries (4.8 percent) and the EU countries (3.9 percent). In contrast, sales declined to Japan (-9.0 percent), the US (-8.7 percent), China (-2.4 percent) and Singapore (-7.1 percent).

Imports dropped by 2.5 percent to USD 7.06 billion, after gaining an upwardly revised 21.9 percent in the prior month. Purchases were down for: iron and steel (-18.2 percent), electronic products (-8.4 percent), plastics in primary and non-primary forms (-7.8 percent), miscellaneous manufactured articles (-3.3 percent), industrial machinery and equipment (-2.6 percent) and other food and live animals (-0.7 percent). In contrast, imports went up for: medicinal and pharmaceutical products (18.5 percent); transport equipment (9.6 percent); mineral fuels, lubricants and related materials (3.4 percent) and telecommunication equipment and electrical machinery (0.3 percent). Inbound shipments from China, the Philippines’s biggest source of imports, decreased by 3.7 percent. Imports also fell from the US (-8.2 percent). In contrast, purchases increased from: Japan (0.5 percent), Thailand (0.1 percent), South Korea (16.0 percent), the ASEAN countries (4.5 percent) and the EU countries (0.5 percent).  

In June 2017, the trade deficit was marginally revised to USD 2.74 billion.

Considering January to June 2017, the trade deficit was recorded at USD 13.17 billion, up slightly from a USD 12.99 billion gap in the same period the prior year. Exports in the period grew by 13.6 percent to USD 31.04 billion while imports rose 9.6 percent to USD 44.22 billion.

Philippines Trade Gap Narrows 21.5% YoY in June